This study of the reading of text found that despite their lower reading speed on a reading-comprehension task, the children with low vision comprehended texts at least as well as did the sighted children. Children with low vision need more time to read and comprehend a text, but they seem to use this time with enough efficiency to process the semantic, as well as the syntactic, information.
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Gompel et al. (2004) studied this question.
Synapse has enriched one closely related paper. Consider it for comparative context: