I just went over that marvelous site called Queenpedia once again and I just can't get enough of it. It's outstanding! Kudos to Erin, Pieter, Lester and all the other contributors.
I was in the way of creating a database with all my Queen releases and then I remembered Queenpedia, saw it and had an idea for a possible future expansion to that site. That page already has a database of roughly every Queen release in the world.
What if users could register and "create" their collections online? Report what you just bought, comment on each release, how to identify which version is which, "wanted" lists, items for sale, etc.
Obviously, it would lend itself to a lot of "pissing contests", people bluffing/lying and all but it would be very cool to compare what we own to what's out there. To get a user you would be required to prove your identity somehow to avoid duplicity or bogus accounts.
For instance, I noticed I own ALL of Queen's 12" singles released in Mexico (yay!). It's not much, as there are only 4 listed, but it was still interesting to know.
Also, a price guide similar to what QueenPictureHall and then Gr8kingrat's site had would be nice as well.
I had actually toyed around with the idea of a site similar to what you were talking about prior to creating Queenpedia. Due to one reason or another I abandoned the idea, but still think that it would be a good site.
In principle I agree about the prices - the difficulty is maintaining accuracy. By the time everything had been priced, half of it would need redoing, plus prices vary from country to country - it's easier to get a Brazilian IWBTLY if you happen to be in Brazil, etc
What I think would be good as a next step - if this is achievable - is to have a button on the front page "submit content", to encourage people to write factual material and upload it - to be then reviewed by the usual crowd and used as appropriate. The Who's Who section could be a starting point, or transcribing reviews of singles/albums from the music press, or even scans of missing pictures.
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Talking about Queenpedia, this is a pretty nice encyclopedia. I've used it a few times before. When I wrote drafts for my dissertation, I quoted some reviews from this site. Later, I decided to find a service that would help me with my dissertation. The reviews on papersbattle.com helped me with this. So I managed to save time and money. It is not superfluous to say that they added my quotes from queenpedia. I was very glad.