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Actually deciphering them gives Mage Guild contribution, however.
Literacy increases the success chance of reading books, including Ancient Books, Naughty Books, and Spellbooks. And it's used in the Writing Tool.
After you decipher them, you can either sell them for chump change, hammer them into paper, or (preferably) use the Writing Tool and craft them into a random Naughty Book.
Also, literacy does increase the speed of reading books, as well as making it less likely to fail when reading.
The speed increases about every 10 Literacy skill levels.
It's easier to test this reading speed increase if you have a decently-leveled Divine Wisdom spell to buff your Literacy skill to test before/after speeds.