I love abc! I make all my arrangements with abc, such as the one above. I find that I can arange a tune with lyrics faster than with one of the wysiwyg editors. Plus its formatting is pretty easy, not perfect but good enough for me. Plus you can often find a version to use as a base, especially traditional tunes. I like reading from my own arrangements in most cases and already have way too many in my music books. In fact, this has become a challenge because it's so easy to like a new song and make an arrangement. I have to buckle down and concentrate on a core set of songs to play because I am not smart enough to show up with a tune book of 100 songs and play them randomly with competence. I wish I could keep more tunes in my head, but it is difficult.
I can see how sight reading from abc could be a thing, especially if you use it a lot.. You've got everything there.
Now, I have seen a new approach where you can interactively draw notes on a staff with a stylus right on your tablet or screen. This looks very exciting, although I have not tried it yet, and I don't know if it supports lyrics. Anybody use one of these systems?