Years ago I did most everything from fake books, either commercial or my own. Then I realized that the songs I was doing didn't sound much like the recordings, so I started learning them from chord charts (usually have to figure them out and make them yourself) and listening to recordings.
More and more these days, audiences expect you to sound more true to the recordings. Of course I still do lots of songs in my "own style", but current songs need to sound close to the way people hear them on the radio. Sight reading doesn't lend itself to this.
DonM