I don't have children yet, but plan to read to them when I do have them.
My parents read to me all the time. I turned out to love reading, but my brother didn't really. I think it helped us greatly with our vocabulary and spelling though. I also think it's more than just getting a child to learn. That one on one time creates such a special bond, which I think helps children in their social skills and self-esteem.
One of my favorite memories is my mom reading The Velveteen Rabbit to me and my brother.