"Your baby can read" has been brilliant for my baby
I bought the whole set of DVDs plus the books for my 10 month old baby about 4 months ago after becoming aware of them through the 9am show. My baby loves them and watches them avidly. In fact she hangs on every word they say. She also loves the songs the children sing. We can tell when she is bored of one and move her on to the next. In the set of 5 she's currently on the 4th DVD.
Whilst the DVDs have received more attention, the company states that they are only a backup to you teaching your child. They recommend you teach them facilitated by the books. She loves going through the books with me too. I sit with her each day and go through one book at least once a day.
I haven't "tested" her to see if she can read yet and I'm not going to ever. I have noticed however that she loves her books and reading and sits quietly and "reads" i.e. turns the pages of books considerately. We also sit on the computer too and I type words and she happily does this as I type up words she recognises in a large font. I swear she's totally enthralled by words. BTW We have bought her a number of DVDs including Wiggles, In the NIght Garden and the 24 Box set of Baby Einstein DVDs but none of these keep her interested for more than a few mins, nor does Sesame Street.
I believe that having a multi-faceted approach to your child's learning can't hurt as long as you vary your child's experiences and I'd prefer her to watch something like this than Sesame Street. I'd like to think that with these early experiences with words she will be confident when she does start pre-school. She's also a very active child and a very social child who has great language skills so far (she says alot of words cat, car, teeth, duck, mama and dada that I recognize). I'd also recommend a book titled "How Babies Think" a layman's book about how children learn. If you'd like to ask me any direct questions about them please don't hesitate.