i honestly believe that there is no absolutely one way of pure certainty of interpreting the pmmm op and ed songs. to think otherwise is to limit the creative exercise or scope of the composers in mind. personally, i think it's more of homu-chan's perspective especially after ep 10. even madoka's character song in the first cd, i believe can be interpreted in homu's view.
however, that doesn't stop people looking at the other side of the hill. especially after ep 12. there are lines in the op song that fit madoka too if not more. the "promise we made", aptly applies for both of the girls. same too for the "future that i lost". "again and again, i'll tear apart the shadow of distress" seems to fit homu's time travel more. and so on.
but in the full lyrics, "When I look back, I had friends / When I noticed it, I was gently embraced". another translation would be "My friends were there when I looked back / They gave me a warm hug if they noticed". these lines fit madoka more. for homu, she has only one friend. mado has more. then "If my voice can reach you / Then I can certainly create a miracle, right?" both for the girls, but mado seems to be more believable especially if you are looking at the 'literal' interpretation as supported by ep 12. too lazy to look for more.
so my take here is that the beauty of the songs is multi-perspective. and i really wouldn't mind exactly who's the character singing the song. this is their story after all~
