I like the concept, and looks very pretty... While I agree that inline chord entry is beneficial in some places, to insert something "fast".
+1 to have it as a timeline option...

However I love chord sheet layout. I find it very useful and easy to work with. Sure, it needs several improvements, but it is indispensable. Also, some people use that for practice, following chords - which would be not intuitive at all with inline strip.