" I definately think different people will react in different ways, for people not that into lyrics or who don't feel a strong negative reaction will just hang around the official site more".
How true. The "Lyrics" petition at @U2 is a good example.
If a tree falls in the forest...
It's apparently not a big deal to most fans.
One can imagine that soon the lyrics at U2.com will only be accessible to paid members. But even if they keep them free, it's an axiom of retail that you do whatever you need to do to get people in the store. Once there, even a small percentage making impulse purchases increases your cash flow. It's standard business practice. Granted, of course, your goal is dough, not soul.
My wife has worked in a music store that specializes in sheet music for 30 yrs. They do classical, popular, and band music scores, parts and sheet. They have accounts with all the schools, military bands, and churches in the DC area. It's a big business. They have not seen any drop in business since the rise of the internet, despite the easy access online to any song imaginable. Bands and churches need scores, not lyrics. The thing they're worried about is that some publishers are beginning to offer official downloads direct to the customer, thus avoiding the need to go to her store. A la Amazon. Presently this requires a lot of specialized software.
I have no idea how much U2 makes from sheet music sales, guitar books, Edge tablatures, album songbooks, etc. If the publishers thought they were bleeding it would make sense to knock *all* sites off and charge at U2.com. They may ultimately do this.