Read by other session is a new wait event in Oracle 10.1.
When information is requested from the database, Oracle will first read the data from disk into the database buffer cache. If two or more sessions request the same information, the first session will read the data into the buffer cache while other sessions wait. In previous versions this wait was classified under the "buffer busy waits" event. However, in Oracle 10.1 and higher this wait time is now broken out into the "read by other session" wait event. Excessive waits for this event are typically due to several processes repeatedly reading the same blocks, e.g. many sessions scanning the same index or performing full table scans on the same table. Tuning this issue is a matter of finding and eliminating this contention.