If you look at my binder, you'll find:
- zero sheet music / notation
- half lyrics with chords
- half lyrics w/o chords
I can hear and remember chord progressions pretty well. As I get older and have more songs on the play list, my main issue is remembering the lyrics, especially things like the order of verses. I tend to mix & match lines from one verse with another, unless I use a cheat sheet. However, I do put the stand down low so I'm not hiding behind it. It bugs me when a performer hides their hands and / or guitar behind a binder so you cannot see them. And it really bothers me when someone keeps their head down staring at the page, instead of looking out to the audience. Kinda like reading your slides verbatim to me during a PowerPoint presentation.