That minimum is not the "standard" minimum but one that applies under special conditions. It should not be used as a reference...
Flying VFR with a vis of 1.5 km is asking for big trouble regardless of how legal it is.
1.5km is standard inasmuch as it is legal in the UK. The original question was about the legality of flight and the possibility of loss of licence. The fact is, it is legal to fly VFR with visibility down to just less than a mile.
I am not advocating VFR flight in poor visibility and I agree with you that flying VFR down to legal minima is asking for trouble. I'm sure most of us would want to be back in the cafe when we can no longer see the ground over the nose of the aeroplane.