Yeah, I think they read way more than we give them credit for.
I read so much when I was younger, but I didn't exactly advertise it because it wasn't "cool" to read when I was growing up. Now, however, it's becoming more and more accepted to be into stuff like vampires and anime. I think a lot of kids/teens read. At least the ones in my family and extended circle of people.
In my group of friends growing up, at least half of us liked reading.
I think all this fear of teens not reading is classic older-generation-worrying-about-younger-generation mentality.