I haven't heard the arguments against this, what are they?
Probably "bureaucracy" or the fact that there's no enforcement mechanism to make it so. A lot of times, people just knee-jerk on things like this, too.
As a former GM, though, I can't emphasize enough how we need statute added to the Wiki in a timely fashion. I just wish the referendum had some stipulation that if legislation is not added to the Wiki within two weeks, then it is not law. People take the time to pass the stuff - they should take the time to add it to the Wiki.
I would tend to agree. With no enforcement mechanism, this initiative is little more than a suggestion. I'd likely vote for it if it were more complete, but as is it doesn't really say anything worthwhile.