I think this is a great idea. Put a lot of trust in students that age and they will almost always rise to the occasion and do more than you expected them to. Having personal ownership over their own education is huge for them. That person in the article who said "no kid is going to pick up Moby Dick" really has no respect for young people. As a kid I frequently pulled out books to read that the adults in my life told me were beyond my skill level, I was stubborn and didn't listen to them and as a result, I became much more of a reader than if I was constantly reading the generic stuff provided for me.

There are many ways to guide the student selection of books so that they all don't just read Twilight. Have conversations about genre and reading levels and require students to choose from several genres over the school year. Have students evaluate where they are with their reading skills and choose something more challenging when they feel ready to. Obviously, this can't be the only method of assessment or the only way literature is chosen, but it is an excellent way. When children are personally invested in material they choose for themselves they will go further with it than if they are just handed a book and told why they should think it is important.

For the record though, I think every kid should read To Kill A Mockingbird at some point before high school!