Like on that talk page, I still very, very strongly agree with this.

In fact, to make this even more concrete than Trance Blossom already did, here's a list of all the romanization issues we need to agree on that I could think of at the moment.
(Not trying to hijack this thread, just making clear what issues the wiki is currently inconsistent on and therefore need discussion. The answers to some issues might seem obvious. As the wiki proves, they are not.)
Long vowelsHow should long vowels be romanized when lengthened by an additional vowel character?
Consensus: aa, ei, ii, ou, uu.
There are some obvious exceptions (such as おおきい: ookii, and not
oukii...)
How should long vowels be romanized when lengthened by a katakana ー ?
ParticlesShould は, when used as a particle, be romanized as
ha or
wa?
Consensus: ha
EDIT: Oops. It should've said ha...
Should を be romanized as
wo or
o?
Consensus: wo
Should へ, when used as a particle, be romanized as
he or
e?
Consensus: he
んShould ん always be romanized as
n, or as
n or
m depending on the following sound?
Example: 先輩 : senpai VS sempai Consensus: n
Should ん be romanized as
n' when followed by a vowel?
Consensus: yes
Example:
記念: kinen
禁煙: kin'en NOT kinenMultiple readingsWhen multiple pronunciations are possible and the official lyrics provide no furigana, obviously the romanization should be based on the reading that can be heard in the song. However, in rare cases the reading used will vary per idol.
Example: 行く: iku & yuku What should we do in these cases?
Consensus: simply go with one and note different readings per idol on the song page (e.g. above or underneath the lyrics table)
SpacingShould particles be separated from the words or particles they follow by a space?
Consensus: Yes, in order to keep the romaji easy to read (and understand) for those with a limited knowledge of the Japanese language.
Example:永遠の夏を 手に入れたんだ: eien no natsu wo te ni ... NOT eienno natsuwo teni ... However, in this would break up what could be considered a single unit of meaning, no space is used.
Example: いつまでも: itsumade mo NOT itsu made mo or itsumade moShould sentence ending particles be preceded by a space or not?
Consensus: Yes, in order to keep the romaji easy to read (and understand) for those with a limited knowledge of the Japanese language.
Example: 分かってるよ: wakatteru yo NOT wakatteruyoExample: だよね: da yo ne NOT dayone or dayo neHowever, particles that gain a new meaning when combined, will not be separated.
Example:ちょっと違うかも: chotto chigau kamo NOT chotto chigau ka moExample:なにが出るかな: nani ga deru kana NOT nani ga deru ka naShould particles following a copula be separated from it by a space?
Consensus: No.
Example: だけど: dakedo NOT da kedoShould verbs constructed out of multiple verbs be separated by a space?
Consensus: No, as the meaning of the combined verb is different from each of the verbs apart.
Example: 抜け出して: nukedashite NOT nuke dashiteExample: 振り切り昇る: furikirinoboru NOT furikiri noboru or furi kiri noboruShould verbs combined by a -te form be separated by a space?
Example: いってしまった: itteshimatta VS itte shimattaConsensus: yes
Should verbs that have been drawn together be separated by a space?
Consensus: No.
Example: 超えてく: koeteku NOT koete kuShould an additional space be used when a space is used in the Japanese lyrics?
Example: そっと目を伏せて 忘れるわ: sotto me wo fusete wasureru wa VS sotto me wo fusete wasureru wa
Consensus: yesIrrelevant, the wiki doesn't like it...Should the explanative の shortened to ん be separated from the copula after it and the word before it?
Consensus: The 'n' belongs with the word before it. The copula will be separated from that with a space to prevent words from becoming too long.
Example: 変わるんだろう: kawarun darouExample: そうなんですか: sou nan desu kaPunctuationShould ?!。、 be shown in the romanization or not?
Consensus: These will be romanized ? ! . ,
Should 「」 be romanized to " ", left as 「」 or not shown at all?
Consensus: It will be romanized as " "
Should ・・・ be romanized to ..., left as ・・・ or ot shown at all?
Consensus: It will be romanized as ...
Should incorrect punctuation be carried over to the romanization or turned into correct punctuation/omitted?
Example: Shooting Fire!!! : Shooting Fire!!! VS Shooting Fire!Consensus: Original punctuation will be preserved.
Should non-existent punctuation/symbols be carried over to the romanization or omitted?
Example: 夢の中で また☆*:包んで*☆: yume no naka de mata ☆*:tsutsunde*☆: VS yume no naka de mata tsutsunde Romanization of English and other non-Japanese languagesShould English written in katakana be converted back to English, or should it be romanized as usual/as the Japanese pronounce it?
Consensus: The Japanese follow the katakana, and therefore it will be romanized as usual Japanese. If it is meant to be spelt like actual English, the lyrics writers will usually write it in English.
Example: ミラクル スタートスター!: MIRAKURU SUTAATO SUTAA! and not MIRACLE START STAR! (Please ignore long vowel and capitalization issues in this example)
If it should be converted back to English, how should 'English' that does not correspond directly with an existing English word be handled?
Consensus: No longer relevant.
Example: ヒスってもしかたないExample: テレビIf it should be converted back to English, does this apply to English written in hiragana?
Consensus: No longer relevant.
Example: ああゆうれでぃ?: aa yuu redi? VS are you ready?CapitalizationCurrently, English (or French, etc.) words shown in katakana will be presented in capital letters in the romanization.
But what about:
Should English words shown in hiragana be romanized in capital letters?
Consensus: No
Should Japanese words shown in katakana be romanized in capital letters?
Consensus: No.
Should English words shown in English in the Japanese lyrics be shown in capital letters, in lower case or should the original capitalization be preserved?
Example: 空の 色が変わってゆく Daylight: sora no iro ga kawatte yuku DAYLIGHT VS sora no iro ga kawatte yuku daylight VS sora no iro ga kawatte yuku DaylightConsensus: Preserved
If the original capitalization should be preserved, should this be done for incorrect capitalization?
Example: Shooting Fire! : Shooting Fire! VS Shooting fire!Should the first letter of each line of the romanization be capitalized or not?
Consensus: yes
If punctuation is used, should a ?, ! or . be followed by a capital letter in the romanization?
Consensus: yes?
Should the first letters of romanized names of people and places be capitalized or not?
Consensus: Yes, in general they will like they would be in English. However, capitalization is not desirable when the official lyrics present a name in lower case.
What if English in the official lyrics goes against common capitalization rules?
Example: arcadiaExample: It's livE. It's eviL.ProThe logo's say 765 Production, 961 Production and 876 Production. Common sense (I guess) says Productions. The wiki says both. Which should we go with?
Consensus: Official romanizations should be used where possible.