I used to read note for note years ago but with time found out the bass parts where kinda cheesy (prolly the lack of bass playing experience of the arranger) so I go off the chords and try to use counterpoint in the passing notes, then read when there's a mandatory line or break to be played...
years ago we were jamming at a birthday party in NE and there was this smoking Cuban cello player who had studied in Moscow and was playing in the Boston Pops at the time. We played all kindsa jazz standards from the book including Monk, Zawinul, Parker, Coltrane... to name a few to which she read and played parts flawlessly...it was fun with cello.....when it came time to play "Happy Birthday" (for which we had no chart) she was clueless..