I believe children should be encouraged to develop at their own pace - yes read TO them, let them see you reading around them, spend time actually talking to them, lots and about everything, even the old mundane things of life, this is how their language becomes rich and developed. It is FAR more important that a child learns to speak properly well before you can even think of encouraging them to start reading. A child's key time of language development is between 3-5 years, expose them to lots of language leading up to and at these ages. Children do not need structured learning, they need learning through play. Play is a child's work, please allow them that, there will be plenty of work coming in the school years ahead, let childhood reign while they are little!
I don't see any developmentally sound theories behind using flash cards and words with babies, the world around them should be stimulating enough for you to introduce new words into every day.
Most importantly, turn off the telly and go outside and look at the world, it's a wonderful place of learning.

Sorry it that sounds a bit ranty, but I am pretty passionate about this topic!