being able to read music is basically a learning tool.....also a very good way to store info, rather than memorize a song...write it down and read it later..
being able to read also gives you more options as a gigging guitarist, meaning if you want to make playing the guitar your means to earn a living, being able to read is a plus:
pwede kang tumugtog para kay regine velasquez.........liking regine or randy's or ogie's songs is not the point....music directors hire musicians who can read,wether for recording or big productions....though in recording being able to come up with hooks and interesting guitar parts doesn't mean you have to read....
and one good thing about reading is: if you don't like the song, you don't have to memorize it....just write it down, read it during a gig, throw the sheet into a pile and forget about it...if you need to play it again, pick it up from the file.....
tabs and musical notation, is useful as i say for learning and teaching. tabs is a form of musical notation, almost the same deal but not quite.
having said all this.....most of the greatest guitarists of all time don't know how to read music.....
though hendrix wanted to learn how to read and write in standard musical notation. that would have been wild if he was able to transcribe for a whole orchestra, ei?