When very young, I studied piano for 5 years, voice for 4 and drums for 4 years. I settled on bass at age 17, as my father before me. At that time my reading was at a pretty good level, although over years of living, things changed. Irregardless of where ever you're at as a reader, it can always be improved. Being able to sit in somewhere where they are reading parts and being able to cut it first time through with very little or no mistakes is always an enhancing experience.
My attitude towards reading, as far back as I can remember, was that it was like reading a book. You have a chance to explore the ideas and experiences of others musically and culturally. No offense intended to those who think this way, but the idea of 'it depends' just has never made any sense to me. Its limiting. If you want to be a session/studio type or a 'hired gun' for touring groups, being a good reader will always be a positive skill to your musical career. Even weekend warriors, as I was for a few years, can benefit.
My final thought is don't ever sell yourself short.
Lloyd Howard