We have been an anti-flash card house but DS4 taught himself to read at 2 (he has always been a book-lover). He read by whole words only and has always read fluently with expression (and comprehension). We never did phonics as such and would just tell him the word if he didn't know it. He now independently reads chapter books at about a grade 3-4 level. He has always been able to spell 3 letter/phonic sounding words but couldn't sound out words (would just make an educated guess). This year he now sounds out new words so phonics has come 2nd. Interestingly a friend who has a gifted child decided to teach her DS phonics at 3 (about the same time as DS started). He is now 5 and still on readers, fluency and comprehension coming much more slowly. All depends on the child...
Best thing you can do though is read lots of books - all sorts!