Wonderful bit of reading, I see (5)
I believe the answer is:
magic
'wonderful' is the definition.
(I've seen this before)
'bit of reading i see' is the wordplay.
'bit of reading i' becomes 'magi' (I am not sure about this - if you are sure you should believe this answer much more).
'see' becomes 'C' (the word for the letter, according to Chambers).
'magi'+'c'='MAGIC'
Can you help me to learn more?
(Other definitions for magic that I've seen before include "Marvellous" , "Conjuror's art" , "Wonderful" , "Sprinkling of fairy dust" , "Wizardry - wizard!" .)