One thing that helped me learn to read quicker was to identify the intervals between notes, and the shapes of those intervals. So if I knew the first note was C, and the next note was a 3rd higher, I would instantly know it was an E, and where I need to go to play it.
I think if you can read notes quickly, it doesn't really matter if you feel you are "reading" or "reacting". The end result is the same.