As a 1L I read everything, everyday (well almost everyday) and I felt that it was very important to get a feel for what the law was because it was so new. Now, as a 2L, I read only when I am likely to be on-call (one week in the entire semester for evidence...). Also, I stopped paying attention in class. However, I feel like I know the courses so much better than any of my 1L courses; I'm just much more efficient (it just doesn't hurt to actually know what is happening when the damn casebook says "estoppel" again). 1L is all about learning how to be a law student, and now I know.
Really, after 1L, who still reads everything...