Depends on the game. Most JRPGs I just mash my way through cutscenes. They seem rather generic in story and way too dialogue heavy. If a game is interesting enough, like Metal Gear Solid, I'll watch every cutscene. Like right now I'm playing Red Steel 2 and not skipping a single scene.
Usually, I just speed through to to get an idea of what there is to say that may be helpful for the game, but if the storyline is interesting, like in Mario and Luigi bowser's inside story, I read it normally
But I never skip the whole text
I usually read all of it, I read fast so I press the speedup button but I still take it all in. Except ones like puzzle games where they chuck in a plot just for the hell of it, in those cases I'll probably skim it.
I agree. Most games send it out at too slow a speed. Just gets old when after five hours of playing, you spent over two just reading the slow moving text (thinking more along the lines of text heavy games mind ya).
I'm just glad when I can: A) Speed it up with option menus, and B) Hold/Press buttons to speed-up the text display. Get's old when you want to skip past something you just did as well (battery runs low/out, you die in game and re-load, ect.).