Transliterations “in the wild” and made up by others question

[squee100]

http://www.hebrewworks.com/

This program allows me to choose which Latin characters to use to represent the Hebrew ones, on a sound-by-sound basis. Do the resulting transliterations of complete words count as having been seen "in the wild" and made up by someone other than the person setting the equivalencies?

[Jason]

What do you think the value is of representing Hebrew characters in Latin characters? I'm not sure about the value.

Does it make distinctions between grammatical points?