I have never had the time to attempt Rand's Magnum Opus. However, I have long been familiar with the ideas of the book. I think this is an example of a book that may be better in its Cliff's Notes version.
No way. You really need to read the words she puts into her characters' mouths, especially the villains. I've read the book cover-to-cover seven times now I think. There are some parts that sometimes make my eyes glaze over (mostly the sex) but even these help make up the whole. You could cut a sentence out of the Galt Speech or a Francisco rant, and you wouldn't know it was missing, but then you would be cutting out some important idea.
ML/NJ