Ok, maybe that was in bad taste, but the underlying problem exposed is far too true. If you aren't persuaded by the desire to be a well rounded musician, at at least realize the value of reading well. And by value, I literally mean $$$. As a guitarist, being able to read is the most valuable tool in your pocket to get gigs.
In the past, my only approach to sight reading was simply: stick a metronome in front of you and pick up something you haven't read before. I've picked up book after book for developing sight reading, most being either too simple, or having no practical application. The problem with my method was this: there is not a set regimen to build upon; no scaffolding, no advancement of levels. Sure, my reading got better, but I could be reading far better than I am now had I known of a better system for developing and growing the skill.
I was recently given a few ideas that I though I had to share. The first is simple, and sort of follows my previous method. Put on a record, and play music. Keeping up with John Williams will be impossible, you might catch a few notes here and there, but to just do this, you have to be reading. When you fall behind, find your spot and start again.
The next is I think the most genius approach I've ever heard. This works great with single line material, and with developing position reading. Pick up a piece of single line music, and follow this three step process (in time and with a metronome - yes that scary tool making the annoyingly incessant clicking you have nightmares about):
1. Read the line in time, but during the first pass, only saying (out loud) the string number of each note in time.
2. The same process as Step 1, but this time naming the fret number instead of the string.
3. Finally, play the line.
After this, try the same process in various positions on the guitar. You can also increase the difficulty of the music to include position shifts, varying tempi, and various rhythms.