In my group, we've spent time trying to cultivate alternative options to the Init/IP rule, for numerous reasons. The most significant reason is when one member of the team has +3 IP, and solos the room about half the time. Another reason is we all agreed that this doesn't reflect realism very well.
Whatever the reason is, here is the model we've applied, it's very easy and fluid and keeps initiative easy to track, as well as creating a potentially more gritty and intense combat scenario:
Static Initiative: Take the base (Reaction + Intuition), and add a +2 for each pass, including the first one. No Init. roll. Free actions cost -1, Simple -3, Complex -6. We've also taken into consideration that this makes unarmed melee combat rather inferior to ranged attacks as complex actions, and as such a complex action for unarmed combat grants two attacks for the -6 cost. If a player spends more init than they have remaining (i.e. a player with a remaining score of 2 does a complex action), the remainder is deducted from their total when their pool refreshes. Also, everyone gets to act before the refresh.
Essentially, this downplays the significance of boosted cyber/magic IPs, while still providing enough of a boost to justify use. If anyone else has home rules for initiative, I'm open for suggestion on smoothing this out further.