Most people would say it depends on your genre preference.

I personally value the guitarist that can read musical notation over the average tab reader. Why? Because anyone can read tabs. It's pretty much self-explanatory. Musical notation, however, requires thought and shows you where to get all fancy and whatnot. I'm not trying to say that tabs are bad - they're useful in helping you find out which position to play in.

I've only been playing guitar for a year (however, I also play violin, piano, and sing...), so reading musical notation never bothered me.