Conventional wisdom has suggested that the rate at which a reader processes text matters little as long as the reader can read with accuracy and comprehension. This paper makes the case that reading rate is an essential component of proficient reading, and is significantly correlated with other measures of proficient reading, such as standardized and informal measures of comprehension and word recognition accuracy. If, however, reading rate is to be used as a method for assessing reading progress and problems, certain tasks must be carried out. These include the identification of valid standards for reading rate as well as the conditions under which reading rate should be measured. In theory, reading rate is a measure of the underlying concept of reading fluency. Authentic interventions such as the use of repeated readings prior to the performance of poetry or reader's theater have been shown to lead to improved fluency, improved rate of reading, and improved overall performance in reading. (Contains 4 tables and 11 references.) (SLD)