I have lived in Thailand and also regularly travel there for work (around once a month for past 3 years) and have the following comments.
- Bangkok even with the current political situation is still as safe as any major city, provided you stay away from the unrest/protest areas.
- The news and media cover these areas quite well so if you are there on business then should not be an issue.
- If you are there for vacation, could be trickier if you are wanting to visit places like government house etc.
- They do not target foreigners, but if you end up in the middle of their protests then you stand a chance of getting caught up in it.
- Even the protest at the airport last year was not a violent target of tourists. It was just like the ASEAN summit cancellation last week a political statement that they have the power to disrupt everyday Thai life and embarrass the current gov't.
I also find that at times the AUS gov't does take the hard approach to travel advisories, which is a good thing as it is better to be on the cautious side.
Everyone's personal circumstance will dictate their plans, for me it is business as usual in Thailand and a holiday there as well in June for a colleague's wedding and some golf.