Hi Steven,
Can you implement this, please? I loved this feature in WA (by third party plugins, of course). I know that there is also such plugin for FB, but I've never bothered to configure it.
Now, when MB is my default player/organizer, I hope that it will have eventually this functionality implemented.
I think a good site for time-stamped lyrics is
http://www.lrcdb.org, it requires registration though (free).
Anyway, it would be important for me to have a possibility for manual editing, not only download and embed to the file.
In the past I've used lyrics3v2 tags (for mp3), but maybe nowadays id3v2 is preferred by majority.
Anyhow, I would actually like to have such support for OggVorbis and Musepack, something that was not available with the other players.
What do you think?