Allophonic theory claims that people affected by dyslexia perceive speech with allophonic rather than phonemic units. After a reminder about the featural theory of speech perception, the evidence supporting the allophonic theory is summarized. The difference between allophonic perception and reduced phoneme perception acuity is emphasized, the latter being a common characteristic of various troubles of language development and is thus not specific to dyslexia. Taking account of this fundamental difference, the counter-evidence against allophonic theory is examined and proposals for future testing and remediation are formulated.