A study examined the relation between formula ratings and student perception of both readability and interest in developmental reading/study skills and intermediate composition texts. Subjects, 200 composition students and 96 study skills students, responded to the statements "this text was easy to read" and "the text chapters were interesting" after doing significant amounts of reading of the texts. Readability scores for all texts using the Fry and Flesch formulas were determined and Flesch's human interest formula was applied to each text. Results indicated that, although there seemed to be a recognition of the readability difference between the two easiest to read books, students made less of a distinction among the books rated more difficult by the formulae. Results further showed a lack of agreement between students and formulae results on whether texts were interesting. Findings suggest that textbook writers have succeeded in making students feel that texts are readable but have had less success in making texts seem interesting. (Two tables of data are included.) (RS)