The other posts lacked sufficient tags and omitted a few key points, like referencing an example, such as Cakewalk Sonar.
Cakewalk Sonar has probably always been the best at addressing the issue of the Lyrics Track. Though they also had a few minor improvements they could have made, they were far beyond anything else on the market. The MIDI standard appears to support the lyrics text blended with a melody track. The user then can view the track in a "Lyrics View", and essentially get the "bouncing ball karaoke effect" since the screen will highlight, and follow the lyrics (text values) as they are anchored to MIDI note events, If the user only puts text (lyrics) in the track, without any MIDI notes or any other MIDI events, then the display of the lyrics is simply static.
Where Sonar fell short on this, was that it didn't have full WYSIWYG support for Font, so the user could chose a different font for lines that would have harmonies, or male/female parts in a duet, for example.
I know all of this sounds very 'karaoke', and not what a professional studio solution might think of, but consider this - As a producer, you want to get the session set up to run as efficiently as possible. I have flat screens set up as monitors in multiple rooms in my studio, so I could display lyrics in isolation booth #2, computer monitor #2, and that singer could come in and nail their track in far less time and tracks, with that convenience.
It's also great for the creative process when creating original music. If you aren't a singer, you can still create without scoring software, by creating a melody track that supports a 'lyrics view'.
Last but not least, all us users migrating from Sonar, are losing this feature. Most other DAWs have a lame (in comparison) integration with MS PowerPoint, that forces us to have yet another dependent file accompanying our song file, rather than being included within the file. So having this feature could be a huge competitive advantage to products such as Ableton Live.
Ableton went with the PowerPoint model to target the church market, assuming that the church market couldn't adapt to an improved option, since PowerPoint can't follow the melody (MIDI Notes) in the track.
This subject was also touched on in these postings: