In my opinion unless the paths are monstrously wide (like Middle Meadow Walk, which is actually a full size road), segregation is a big loser. The problem is that pedestrians don't treat it as they would walking beside car traffic, yet cyclists do take the opportunity of their "own" space to ride at greater speed. It also has the unfortunate effect that if people are walking on the cycle side, it's an offence to go around them (so potentially if there is an accident in such a situation, instead of everyone having a responsibility to exercise due care, the cyclist starts off legally in the wrong).
I suppose the argument is that while it may be less safe, it makes pedestrians feel more safe, which is the important thing.