There's a video of a night-time police stop of a 17-year-old driver in Michigan for flashing the officer with high beams. The officer initially states his intention to only give the driver a warning. Unfortunately, the kid decided to play the "am I free to go?" line rather than cooperate, and the officer decided to escalate the situation. At one point, the officer pulls the kid out and attempts a take-down. The kid panics, breaks free, and runs. The officer pursues and eventually kills the kid with his gun. Here's a link to news coverage. The video is on a NSFW site.
Regardless of whether the actual act of running is legal, this case suggests that it could cost you your life. The officer in this case faced no criminal consequences from his actions.
[edit]The question(s) do not take into consideration of outside factors, such as the chase itself. The answer to the question of legality surely depends on jurisdiction, which is not provided in the hypothetical situation as described.