the quick-and-dirty answer to your questions is "no, it is not as easy as it looks".
You don't absorbe within minutes and magically know everything that is in what you PR.
What you do get is *everything you decide you need and want* from a book in about one third of the time it would take you to read it normally and get the same level of comprehension. And that is initially. The time needed will be reduced as you use the system.
This method entails a very conscious approach to reading / absorbing written material. Very active. It is important to continuously pinpoint your purpose and ask questions. Thus, even though the rewards are fantastic, it is not a "lazy" approach to learning.
This said, the photoreading whole mind system really does work. It takes a bit of training/practice, and the results really are mind-boggling - if you aren't expecting to absorbe like a sponge.
After having used the system for a while the "conscious" way - purposefully - many people notice spontaneous activation, i.e. information that appears at the right place at the right time and that you didn't know that you knew.
When it comes to the dictionary, the game of PRing and guessing location is an exercise to recognize your own internal signaling system. Few people, if any, can photoread a dictionary and immediately know all of the definitions therein.
This system is wonderful, and it takes a small amount of focus and dedication to make it work for you. With that small amount of persistent effort you can reap great, great rewards.
One book a day is not an unattainable goal at all within the system. Far from it! Even outside the system it isn't all that incredible 
Best of luck,
K.
