Yea, I also thought there would be more dire consequences from reading it. However, I should have known there were none, since Skyrim is a game without consequences. LOL
"I wonder what sort of consequences this will have... Oh wait, this is a Bethesda game"

Anyway, i havent tried reading it, except at the time you must, but according to the book "Effects of Elder Scrolls" only those who gain knowledge from them go blind, and it requires training and preparation to do so. So it should act like in Oblivion, just see some cryptic glyph that makes no sense. Unless it gives a permanent or temporary buff like blessings? That would make it more interesting, an increasingly powerful temporary bonus that causes longer and longer blindness.