Okay, I'll start off by acknowledging that something is better than nothing. I realize that in your mind, you're probably thinking that this is how you can make exercise tolerable, but seriously - if you're reading while you're walking on the treadmill, you're probably doing a pretty bad job of both.
It's frustrating to me when people say they're willing to do "whatever it takes" to succeed at something... but in fact, what they're willing to do is everything except what will really make a difference... because that's usually the hard part.
Like the healthy guy who uses the elliptical because he doesn't like running - but what he doesn't like about running is that it's hard, and he can just glide away on the elliptical. Or the girl who tells you she'll add in three more days of exercise to fit into her vacation outfit - but won't give up the drive-through food because she just doesn't have time.
Anything that's worth getting needs to be worked for - earned. If it's hard to achieve, then it's that much more worthwhile an effort. Stop looking for the easy way - there isn't one. Maybe if we, as a society, can accept this... then nonsense like the "Shake Weight" or "Hip Hop Abs" will finally find their place at the bottom of the trash heap where they belong.
"Anything worth having, one must pay the price; and the price is always work, patience, love and self-sacrifice." ~ John Burroughs (1837-1921)
Couldn't have put it any better myself.