That's oversimplified, becuase Wired reflexes don't cause your other stats or anything else to be reduced (aside from essence).
Yes, matrix reaction is good. But, when it cuts down your ratings, (I forget if it was -1 to all persona bits, or -1 to MPCP - I think the latter?), then a reality filter becomes something to consider the pros and cons of.
Does a reality filter make non-combat Matrix action easier, from a game mechanics standpoint? I can see how it might give a bonus for analyze or other such functions, basd on the portable metaphor argument -- I totally agree with that being the intent behind a Reality Filter. The Coolness aspect of having your own is also something most deckers love, I'm sure -- after all, look at all the themes and skins and such that Linux geeks (hey, I'm one, don't flame me

) use!
Combat initiative seems to be ... a strange effect. I'd almost rather see a bonus to utility and other use, or a -1 TN bonus to all tests, instead of the increased initiative. While being able to identify, predict, and react to other icons' actions would be a reasonable benefit from a Reality Filter, the general awareness of the underlying system's icons' form/function might be an even better benefit. (Ideally there'd be both, but then who wouldn't use an RF?)
BTW, Kagetenshi - I like the UMS defaults idea, hehe ...