I didn't realize that Reading Rainbow was still on the air. (Carrie says she knew it was, but her siblings are younger -- and read more)
It was mentioned in one of my homework articles on the history of children's literature (Multiculturalism takes root (Part 2) by Barbara Bader in The Horn Book Magazine, March-April 2003 v79 i2 p 143-63) I don't remember actually watching the show (it didn't start until 1983, so I suppose I was too old already) but to my amusement I found that I did know all the words to the theme song. I had Tivo grab a few episodes today (it seems to be on at least twice a day) and enjoyed LeVar Burton and all the little kids. In today's, they read Three by the Sea, watched people build sand sculptures, did some improv, and sang quite a nice song about making your own books out of cardboard, construction paper and a whole lot of glue. And if you liked that book, you might like these: Regards to the Man in the Moon, Frog and Toad Together, and Come away from the water, Shirley -- but you don't have to take my word for it (you can watch quicktime movies of the cute little kids giving reviews).
... butterfly in the sky... I can go twice as high... take a look, it's in a book... a reading rainbow...