My dd1 was talking in complete sentences well before she was two, and was also a v. early reader (chapter books around the time she turned 5, etc).
Dd2 was a late talker (only said 'bye' until about 18 months, couldn't put two words together aged 2). Even now (aged 4.9) she still has sequencing issues, and will sometimes still come out with odd word orders when speaking. She's also left-handed, which would fit in with the sequencing issues. I figured she'd either pick up reading v. quickly (she has an astonishingly good memory) or struggle. In the event it was the former, and she's now happily reading the top end of the ORT books with minimal teaching input from me or her older siblings.
In between I had a ds, who was at the early end of average wrt to both speaking and reading.
Not sure what that tells me or anyone else, but I think there may be some truth in Bink's theory. I suspect there are different strategies for reading, some of which may go with early talking and others may not. Dd2's system is very largely based on inspired guesswork -- she can sound out if pushed, but mainly she doesn't. She's just astonishingly good at predicting text with a very quick glance, and good at retaining words once she's encountered them. I watch her sometimes when she's reading out loud, and although it appears fluent and effortless, she's only looking at the words about half the time. The rest of the time she's scanning around both pictures and text for (I suspect) clues to base her strategy on.