I was in Bangkok at the time the trouble flared up and had no problem.
For five days or more the red shirts were protesting at the end of the road from our hotel. We walked amongst them, rode through them, at night and at day and had no problems at all.
Then a few of the sillier ones - like you get with any party - kicked off at the end - and all of a sudden the media are reporting it as though Bangkok was burning. Not once did we feel in any danger and riding past the guys with sticks and balaclavas we weren't threatened, instead they offered us vodka. And a seat. And some of their nibbles.
Then we walked five minutes down the road and got soaked at Songkran. So no, nothing to worry about, even if it does all kick off again like they're expecting. Yellows this time.