As explained in this question, a dash character is used in katakana as an extension of a sound.
First, what exactly is this character called? A "nobasu mark"?
Anyway, I saw this sign in Shibuya the other day:

It's not a remarkable advertisement. It simply says 「ケータイ代{だい}に悩{なや}まない3年間{ねんかん}を。」, which means something like "Get a three year worry free mobile phone service plan." (Very loose translation.)
What struck me though is that in this case, they are using katakana for a word for which there is kanji: 携帯{けいたい}, and in that kanji, the first character is read けい. Not けえ.
I always thought that the purpose of ー was to extend the same sound from the previous character. Or, in other words, use the same 段{だん}, or "vowel row", in the hiragana syllabry. So the ー in ラーメン represents あ because it follows ら, both in the あ段{だん}.
Intuitively, of couse I recognize that ケー is probably more of a phonetic representation than anything rule based.
So, more out of curiousity than anything else, is there any set of rules which determine what exact sound a ー should be? I feel that as someone who has gained a familiarity with Japanese, I just unquestioningly intuit the reading for ー when I come across it, but if one were to try and explain it to someone completely new to Japanese, how would you do it?
ーis called長{ちょう}音{おん}符{ぷ}(in Unicode it's called the "Katakana-Hiragana Prolonged Sound Mark"). – cypher May 17 '12 at 11:20