It makes sense, when you think about it.
Dogs enjoy any story you read to them, they don't judge when you get a word wrong, and they have an enormous attention span.
A non-profit organization in Chicago, Sit Stay Read!, uses trained dogs to help children read. The kids read to the dogs, and the dogs make reading more fun and relaxing for the children.
If your child has a pet, why not suggest she read to it?
Just don't read it one of those PETA brochures - it might get funny ideas and petition for equal rights. Woof!
Update: MaryEllen, of Sit Stay Read! suggests these tips for reading with your dog.