I read with DS1 every night, and have done so since he was a baby. Even before he was bringing home books from school, I would always let him pick out letters while I was reading to him.
Last year (reception) we would read his book M-F, and books we chose together during the weekend. However, I am a book lover and DS1 has inherited this. This year he still gets a book a night, but they are loooooong (about 70+ pages), and so we sometimes only finish half in one night due to the amount of other work he has (spelling, dictation, math bonds, homework worksheets, piano practice, PLUS extra work he is given to do). Instead of him reading extra books aloud to me, this year he is reading extra books quietly at his leisure.
I still try and read to him every night, but the level of book I read to him is higher than his current reading ability. In fact, it has always been like this and thus the level of book I read to him ramped up dramatically last year as his own reading became more confident. We are currently working through the Harry Potter books (are on book 3, and I'm debating if I finish the series or wait as I think the subject matter of the later books might be too dark for a 6 year old).
I agree that the books at the early level are really silly (which was why I would choose extra books last year which were well written). It is difficult to get all of this done, particularly if one has additional children, and it can get quite stressful. However, it IS important and me making time to work with him every night emphasises to DS1 how seriously I take his learning and so I continue.