Not a fan of the 'command ship' definition. It adds an unnecessary complication to squadron rules. At least with Sec. Commanders, people have a good reason to target flagships (other than a small boost in VPs).
I think Horizon has it about right as far as rules go. He selected a nearly identical ruleset that I would. Admiral D is on board, although still has yet to swallow Sig's LD system, and I imagine Sig likes what is written.
Pthisis & Tag have quite a different metagame than the rest of us (from what I understand). Which isn't a bad thing, as it allows comparison. Here we trade the LD bonus, (loosely) for allowing individuals to brace for impact.
Like I said, I want a system where one option (lone wolf/squadroning) would not be better than the other, save on a minimal level.
Now our squadron advantages with Horizon's selection (compared to lone wolfing):
Fewer LD checks.
Small boost to LD if taking Sec/prime commanders in squadron.
Combined fire (to ignore BMs)
Combined Waves
Disadvantages:
Need to stay within 15cm of other squadmates
Small loss of firepower when combining.
REQUIREMENT to be on the same SO as squadmates, (save BFI)
Seems pretty close to me, and far more logical than current system.