Nobody reads all the documentation these days. The important thing is to read enough of it so that you can find your way around the rest when you start to work on something new.
The Concepts Guide is a mandatory read. It gives a great overview of the database and its functionality, explaining some of the things which newcomers often find difficult to grasp (such as Oracle's approach to transaction management and isolation levels). It is also contains links to the relevant parts of the documentation which deal with these topics in depth.
Everybody ought to at least skim read the whole of the SQL Reference and the PL/SQL Packages and Types Reference, to get a feel for the range of Oracle's implementation. Reading these books in-depth will pay dividends.
DBAs should read the Administrator's Guide and the Backup and Recovery Basics; developers should read Application Developer's Guide - Fundamentals and the PL/SQL User's Guide. These books relate directly to your job, so skim read them only if your conscience will let you.
In recent versions the Performance Tuning Guide is not as useful as it once was, because it focuses too much on tools which require the purchase of additional licenses.
Which reminds me: everybody should read the Licensing Guide. Too often in forums like SO people are advised to use a feature or a package which requires a specific edition of the database or a chargeable extra (the most common thing in this category is Partitioning). The licensing information is pretty short, and reading it may just save your company from an embarrassing situation when Oracle's auditors come to call.