Here's my simple caution: we need to be careful. Specifically, we need to be careful that we don't confuse reading lots of books with living lives that please God.
These two things are quite obviously not mutually exclusive. However, we make a huge mistake if we confuse the two. And if you read many of the Reformed blogs and websites, you might think that the most important part of the Christian life is which Puritan from the 1600's you are currently reading.
The interesting thing about all this is that the prominent leaders of the Reformed movement (such as John Piper, John MacArthur, and R.C. Sproul) don't seem to be confused about this. They write many books and I'm sure read a lot, but when you hear them speak their focus is always who Jesus is, what He has done, and what we should do in response.
The problem lies more with those who have become Reformed within the last ten years or so. I'm in this group, so this caution applies to me as well. We all know that many good books have been written over the past 500 years or so. We may be thrilled to be almost finished reading Calvin's Institutes. We may think Jonathan Edwards was the most brilliant man ever. We may even dare to try to read some of John Owen.
What is our primary emphasis? Christianity is not an intellectual enterprise where the person with the most knowledge is the most holy.
What does Jesus care about? It's interesting in reading through the Sermon on the Mount that Jesus cares most about our attitudes and resulting actions. He says little about head knowledge.
Let's just be careful. Reading books is great as long as it's a means to an end. That end should be our sanctification that leads to God's glorification. If we become prideful about what we read, then the action of reading leads to the exact opposite of what the authors intended.