Below is the review i wrote upon first completing the book in 2014, but upon rereading, after an additional 7 years teaching literacy and reading a great deal about cognitive science, i think the book missed some significant evaluations.
I still think Smith is correct in his view that reading means making meaning from text and this process involves what he calls "a psycholinguistic guessing game." In teaching high school Spanish to students who already knew how to read, this was a useful concept. The text provides some information, but the reader constructs the meaning based on whatever knowledge and experience she may have.
In elementary school this is deeply problematic because it leaves out the most basic chains in the link between text and meaning. Reading a written, alphabetic text is generating a representation of spoken language which the reader must know something about. The phonetics of written text allow a person to approximate the sounds of a spoken language that he can use. Decoding, that is, saying aloud the sounds represented by the visual marks, is not the same thing as reading. Smith is correct about this. But decoding is a precursor to reading and the overwhelming majority of humans with ordinary human brains automatically begin the complex process of constructing meaning from written language when they can generate the sounds of the language.
This book is now more important for knowing the history of the science of reading than as a guide to instructing reading.
Original review that was ignorant of more reading science: "This awesome book takes you through the process of reading and learning to read beginning with how your eyes and the visual parts of your brain process information all the way up to how we make sense of complex text. In a climate where discrete skills are the focus of direct instruction and computerized tests analyze the isolated capabilities of millions of students, it makes me feel like a subversive thinking that the practice of reading is mostly a matter of bringing one's own thinking to understand that written language is just an extension of spoken language. Every teacher, every administrator, every school board member and certainly every policymaker who makes choices about reading instruction would benefit from reading this extremely readable and lucid expert book."
. . . because it would help contextualize the arguments about reading science.