The PR course (from what I've done of it so far) can increase your regular reading skills by getting you into the right frame of mind for reading. One of the early tapes in the system incorporates Scheele's "Double your reading speed in 10 minutes" tape, which really does work. I'm not a particularly fast reader myself. At the start of the tape, I was reading 10 lines of the page in 20 seconds. Halfway through the tape (about 5 minutes), I was reading 15 lines in 20 seconds. At the end of the tape, I read 22 lines in 20 seconds. So the claim of doubling your reading speed works.
So, basically, what I'm trying to say is that if you consciously use the relaxation methods, etc... as discussed on the tape, your reading speed WILL increase. However, if your goal is just to increase your reading speed, the Photoreading system is a bit of overkill, and a tad expensive!