Reading rewards?

I believe rewarding younger students for reading is a great idea. While some would argue that it merely rewards them for something they should do anyway, I believe this reflects the adult world well. Is it not true that those that excel in their given tasks are often given better rewards such as pay raises job and promotions? By giving the children something to look forward to, it gives an idea of short term goal-setting. While reading and doing well in classes may have long-term rewards (better grades in high school due to greater prior underestanding, college scolarships, etc.), it is likely that a 3rd grader is not yet thinking seriously of these things.
Furthermore, reading regularly for the sake of getting good grades could get a child mocked by their peers. While it is frustrating to admit that this may influence a child's decision to do well, it is a factor nonetheless. However, giving rewards may give peer pressure a more positive direction. For instance, a pizza party for the class that scores the most in an Accelerated Reader-like program would instead enforce a positive view of those that like to read.