>>42
English pronunciation has too many nuances for it to be accurately transliterated into Cyrillic. And which pronunciation would be transliterated, then? American? Australian? BBC? Cockney? Midlands? South African? NZ? Indian? Valley Girl?
The point being that the current English spelling system, paradoxically enough, reflects all of the variations of English pronunciation much better than any strictly phonetic system ever could. Despite appearing irregular, English spelling is actually quite regular once you've learnt all the rules. So, I endorse
>>1's approach.