After a year of doing it "every once in a while" I can read a single note line pretty easily. It helps when I check out what someone's singing, so I can play a couple of the singer's vocal phrases in my solo (and nothing sounds cooler than on the last chorus having the guitar playing the same thing the singer's playing).

BUT, I play classical guitar as well, and reading those multi-note compositions are hella hard because not only do you have to read each note, but then deciding where to play each note and with which finger...