Gonna have to disagree with Person Man on the Improved Init comment.

While it is true that static bonus feats are generally very weak, improved init is different because initiative doesn't scale with level, unlike the saving throws the other nonscaling feats are based on.

A high dex wizard with improved init can easily be +8, and that puts him right in the same place compared to all the monsters in the MM at lvl 20 as it did at lvl 1. And going first can be golden for a wizard, as we all know.

Ok sure, a lot of the higher lvl monsters have some pretty impressive init bonuses, but not all of them, and most humanoid types remain unimpressive regardless of their level.

Just my two cents, ive gotten a lot of mileage out of that feat, especially in a core campaign where there just isnt too much competition.