Despite what the description says, this skill actually forces the bow arc into near-horizontal, almost twice as fast as a recurve bow. This means arrows shot from a flatbow will travel about four times faster than normal, while recurve bow shots will move only twice as fast. In any case the shots will be more accurate and harder to dodge.
Read the Wind does not stack with bow attacks which set projectile speed. This means that Read the Wind will not affect Called Shot, Needling Shot or Broad Head Arrow speed. However, it will affect the speed of Quick Shot, as this skill doubles the projectile's speed, rather than setting it like the aforementioned skills.
The damage this skill adds ignores armor, so against targets with a high armor level it is more effective than preparations such as Kindle Arrows.
Also very useful with Needling Shot, as the bonus damage does not come in a separate packet and thus the base damage ignores the armor too.
This skill does not seem to make the arrows faster; instead, it flattens the arc, and thereby reduces the flight time.