I'm also a classically trained musician (violin). I studied the Suzuki method as a child, but my teacher didn't follow the method 100% - we didn't listen to the tapes very much, and I started reading music when I was six or seven (concurrent with starting piano lessons with another, non-Suzuki teacher). By the time I was 13 I switched to another violin teacher. I have serious issues with the Suzuki teacher I had - I learned a lot of bad habits in my technique that took years to get over - but that's more about the teacher and the fact that she was trained as a clarinet player.
I agree with Laurel - in academia, Suzuki is considered a good thing more for young kids who won't necessarily become professional musicians. Not only is sight reading an issue, but there is the idea that since Suzuki students constantly listen to each piece being played one way, by the same person, that it's hard for them to develop their own unique musical ideas, and that they tend to play in a sort of cookie-cutter imitative way.
I also agree with Erica that, as in all subjects, and all methods, it all boils down to the teacher. If you find a Suzuki teacher who seems to work well with your child, then great! Otherwise, you might want to shop around.