Re: "The potential downside of not getting this right is very serious,"
Nobody asked Cameron to call a referendum
They did, actually. It was an election promise, he would negotiate a better deal with the EU and then call a referendum on it. His negotiation skills were clearly lacking, to put it mildly.
They *should* have put some qualifiers on it, e.g. 2/3 majority, or 2/3 of the voting population had to vote leave for it to be valid.
They should have had the same criteria for a referendum on joining the EU in the first place in 1992, but John Major wouldn't even call a referendum since he knew he would have lost.
whether leaving would be a better alternative (which it clearly isn't...)
Oh, it very clearly is. Staying in this slow-motion trainwreck of an empire will be an economic disaster.