I'm going to be the negative nancy here and say that there's really no point setting a standard when there are already too many "standards" for album submissions, products, genres, labels, artists, linking, titles, notes, tracks, tracklists, etc etc etc, all of which are not well followed (or strictly enforced).
In another thread somewhere, someone suggested breaking out the album info section into a "Album Notes" and "Additional Notes", one for the stuff that's listed in the inserts, one for random notes ("First press comes with a slip case/picture disc" and/or unofficial theorized/speculated/researched stuff ("Track 1 originally composed by Johann Sebastian Bach" <-- even though not directly credited in the inserts)
I am of the volition that the Album Notes section should reflect the album inserts verbatim, or at least to an extent that the lack of formatting controls allow. Myrkul's first example is exactly what I do -not- like to see. His second example is sometimes nice if I were looking for specific contributions, but that's out of sheer laziness and/or convenience to have it listed that way (and would be a perfect candidate for going into a "Additional Info" section, if one existed).
Here are examples of what I prefer to do:
http://vgmdb.net/album/29079
http://vgmdb.net/album/27827
Verbatim per the inserts, except for the fact that we can't have a columnar Album Info section.
I'm kind of opposed to creating any new standards, especially when there are already too many and documentation on the existing ones are poor and difficult to find, and also varies differently from person to person anyway.
I work in IT for a living and these very same scenarios happen with Change Control processes with companies. The more complex and cumbersome and a general pita you make change control processes, the less likely people will be to follow them. If I have to go out to a share (forum) to find a 15 page document (thread) on how to log a change request (submission), I will be annoyed, frustrated and generally apathetic towards it.
These things are best controlled from the development side of things, where you can control workflows and aide users in meeting specific guidelines either through submission restrictions, notifications or comments. A good example of this on the site are the fade-in comments when submitting a new album, although some of them are a bit verbose. A poor example of this is the
186 post thread for an Album Title submission guideline, and an entire subforum dedicated to submission guidelines, with well over 500 posts among the 10+ threads in the forum.
Even if we create another submission guideline, there's really no one or nothing to enforce it. And I think one of the biggest problems with enforcement is the lack of album rollback ability, because the diff page is fucking awful. This is why I have taken to posting in the album thread with the notes I'm about to overwrite if it looks like someone took a significant amount of time to write them up or they seem important enough that someone might want to roll it back from my changes.