Bruce is both the best and worst artist to sing at karaoke. Allow me to explain.
Why he is the worst?
Springsteen's lyrics are very complex especially in the early years. He labored over each word, and although you may have heard the songs a million times, it's possible the last time was quite a while ago. You may not remember them as well as you think you do. As far as reading the lyrics off the karaoke teleprompter, if you're sober enough to read off that thing, you're too sober for karaoke.
Springsteen is known for his style and the texture of his voice, not so much his singing per se. However, he is a professional singer with more experience than you. His songs also have a lot of non-word noises that Springsteen sings--take for instance "oh oo o oo oh" from 'No Surrender.' Drunk dudes will always murder the "oos," "sha la las," and the "woo whos."
Why he is the best?
The songs are just so much fun.