It's not how skilled readers read (and believe me, there is a difference between 'experienced' and 'skilled').
As I said before, it seems to us as if we are reading words as 'wholes' because we are experiencing the end result of brain processing which takes milliseconds. It's not conscious, as it would be with a child learning to read who sounds out and blends the graphemes in the word, because we are highly practised at it (though what happens when you meet a completely unfamiliar word?). But the brain starts the word identification process by identifying the letters in the word. If you think about it logically there is nothing else it can do. If it worked by word shape alone you'd soon be in trouble!
The reason people can read the silly meme is that the words are all very short; they're familiar and they can be easily worked out as anagrams. It doesn't work with more complex words.
Here's an explanation of it:
www.mrc-cbu.cam.ac.uk/people/matt.davis/cmabridge/
P.S I was, though, very startled on another message forum when someone said they'd tried it out on a friend who was a medic and they didn't notice there was anything wrong with it..
P.P.S The meme has been doing the rounds for years; I've had a bookmarked link to the explanation for about 10 years 