I personally use that way of reading music exclusively against anything else. being a classically-trained musician obviously influenced this, as if you were in an orchestra, you'd simply get lost quickly and risk standing out like a sore thumb.
Althoug, in the Big Band I play in, we work off of sheet music, so its useful again. OTOH, Big Band music doesn't have many Italian technical terms anyway...
I do wish I could work simply off of chord symbols, but alas I'm not that skilled, and I haven't had the time to learn.
P.S - it's always handy to have a musical dictionary with you, just in case you come across anything in sheet music you don't understand. I've been reading sheet music for over 10 years and I still keep finding new words!
Oliver