I've seen this done with specific bands, but this is a great idea for a website. Regardless of how well they execute, it's just a great idea. Lyric sites are huge, but many of them are rather crappy (I guess because they try too hard to monetize). Annotations of lyrics are scattered across many sites. It would be great to have them all in one place.

But let's hope it doesn't become like a CDDB fiasco.