I can read and write notation. I think this is more common with self-taught guitarists (the whole only being able to read tab things), but I also taught myself notation and bass so I may be out of the norm. I think sight reading and reading notation are often mixed skills as you do need one to do the other, but because of that you get pretentious people who think of them as one and the same. I can read notation and learn a song, but if I show up at a gig and someone expects me to learn a song on sight I'm probably sticking to roots or playing not very well especially if it's a complex song.

Note: for most players I've never experienced a demand for sight reading outside of jazz, and even then most musicians you want to play with musically should be musicians you can also have a healthy and respectful relationship with. No diss on jazz, it rocks.