The potential advantage of using a phonetic representation is that it can have different relevant information than written spelling does. However, if you take the written spelling and pass it through some rules that transform it to what the phonetic representation might be... that transformation can only destroy information, not add it; you'd just be better off using the source data directly.
Now if at some point we get to a place where most of the training data is audio (i.e. the quantity of spoken words in available audio data becomes larger than current written data on internet and in libraries), then phonetic representation would make all sense, being closer to the source data.
But if we're talking about purely tokenization - I think your suggestion is effectively halfway towards morphologically based tokenization, splitting into morphemes (which tend to map to semantics), and that is getting explored. The problem is, for an apples-to-apples comparison you need equally sized models and changes to tokenization require a complete retraining of the model; so doing a comparison on GPT-3 or GPT-4 scale is very expensive (too expensive for "would be interesting" to justify it), and measuring the effect on small models won't necessarily be very indicative of how it will affect large models.
It might take far more training but also it might avoid any biases introduced by tokenisation.
[edit - see @api had the same question]
Switching to bytes is the ultimate fix, but for the interim, if you want reliable rhyming with an LLM, you need filter-assisted decoding: https://paperswithcode.com/paper/most-language-models-can-be... and replicas post about this work: https://replicate.com/blog/turn-your-llm-into-a-poet
That's exactly the point. Every intuition is always on the side of feature engineering.
The whole point is that it is unintuitive.
At the scales we're talking about, that's quite a hefty price to pay, and it doesn't even take into account that you might need more layers to replace the processing that was implicitly done by the tokenizer.
To me it’s like changing the periodic table, at the macroscopic scale it may or may not make a difference.
The crazy thing is it's already solved. YC should just spin a subreddit.ycombinator.com for each one, there's a nice search that works and some very nice apps for reading. What the reddit shareholders are about to buy is incredibly fragile and the management is fucking with it so much it's obvious they only care about the payola.
I did learn an awful lot about phonetic representations and matching algorithms. Things like "soundex" and "double metaphone" now make sense to me and are fascinating to read about.
https://spacy.io/universe/project/sense2vec/
granted, it is 8 years old, but it's still interesting