As a very junior researcher, I shamelessly solicit your advice and experience. - Chris Lasher

I read everything I cite to the depth necessary to ensure it supports the point I'm making with it. - Donnie Berkholz

Two extreme views: Undergraduate adviser: "A month's worth of work in the lab can save you an afternoon in the library." Graduate adviser: "Would you rather spend your time reading about cool science or actually doing it?" My advice? You can make up quite a bit for not reading all that you could by talking with others (classmates, colleagues, conferences)... - Andrew Su

Andrew hits the nail in the head, its hard to balance reading with research, unless you are off the bench. Do "smart reading", this will come with practise and more importantly with interactions. - Aarthy

Another random suggestion - the diversity of your group sounds like some sort of journal club would be really useful in getting everyone's general comprehension up to a higher level. They may be reading different stuff - but having to communicate that to reasonably knowledgeable people can be really helpful at getting it clear in your head. - Cameron Neylon