<HTML>R. Yehudah Herzl Henkin, Sh'elot U'teshuvot Bnei Banim I, 4 (P. 17)
suggests that k'vod hatzibbur, in connection with women reading the
Torah (and presumably, by extension, regarding megillah reading, for
those rishonim who apply k'vod hatzibbur to it) means that having a
woman read the Torah would seem to imply that the men are unable to do
so for themselves. Presumably this implication is based on the fact
that the core minyan is composed of men (although women also belong to
the broader tzibbur participating in the Torah reading - and certainly
in megillah reading - as evidenced by the halakhah in Shulhan Arukh,
Orah Haim 134:2), and so having a woman read would be similar to Mishnah
Sukkah 3:10 and Bavli Berakhot 20b.
There are aharonim who have noted that k'vod hatzibbur - in some
contexts - is really k'vod shamayim, see for example Taz Orah Haim 53:2
and R. Akiva Eiger to Orah Haim 143:2.</HTML>