I just got a reconditioned iPad 3 that I'm going to use for lyrics and set lists. How are you using yours? What lyric/song apps are you using? Have you come up with anything cool and unusual?
Check out the Capo app.
I'm in the same situation. Just bought an iPad (haven't even got it yet) to use primarily for lyrics / lead sheets for gigs, and all other things musical. I may end up running VST's or some other software for gigs eventually but initially I will be using it for lyrics & practicing. I have to figure out how I can leverage it's capabilities to help me practice / perform better. I'm very interested to see what other people's uses are and what's possible musically using one.