Firmly in the memory camp. It's easier if there is a strong story line in a song, happily a feature of many folk songs. Internal visualisation is the key for me.

I find it depressing to turn up at a sing-around and see more copy holders and ledgers than you'd once find in a typing pool. I see more and more music stands at folk clubs, often these are assembled when the floor singer gets up to sing, not before hand. As most of them are on a par with deckchairs in ease of assembly it also wastes time as well as looking amateurish.