I don't get all the negativity with "My name is.." I use this, but mostly contracted to "My name's ". I think this is perfectly natural introduction in many situations (or just "I'm ....").
I don't get the above point about "phonetic" vs. "literal" spellings of English words. The given example "Me" is transcribed into Japanese as /mi/. I don't think any Japanese person is pronouncing this as "May" (as in the month).
An yes, waifu is three mora, but some linguists consider it to be two syllables, ie, "wai + fu". In careful speech, you can definitely hear all 3 mora, but when speaking rapidly the two vowels can become "slightly" less distinct.
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