My older son is a little bit like that - he consistently scores low on things with names like pseudo-decoding, decoding, phonetics, and spelling.
Doesn't write very well either, but can articulate sophisticated thoughts.
But his reading very good. Last weekend he read over 90% of 20,000 Leagues Under the Sea in about 2 hours (he had just a little bit left). A translation, but not an abridged version. The volume of material he reads is amazing to me. His recall is excellent and he makes good connections between different sources.
So he is definitely reading even though he can't spell or sound out words (very well).
