2d20, drop lowest. result : chance of occurring : chance of getting this or better
1 : 1/400 : 400/400
2 : 3/400 : 399/400
3 : 5/400 : 396/400
4 : 7/400 : 391/400
5 : 9/400 : 384/400
6 : 11/400 : 375/400
7 : 13/400 : 364/400
8 : 15/400 : 351/400
9 : 17/400 : 336/400
10 : 19/400 : 319/400
11 : 21/400 : 300/400
12 : 23/400 : 279/400
13 : 25/400 : 256/400
14 : 27/400 : 231/400
15 : 29/400 : 204/400
16 : 31/400 : 175/400
17 : 33/400 : 144/400
18 : 35/400 : 111/400
19 : 37/400 : 76/400
20 : 39/400 : 39/400
21 : 0/400 : 0/400
22 : 0/400 : 0/400
23 : 0/400 : 0/400
24 : 0/400 : 0/400
1d20+4. result : chance of occurring : chance of getting this or better
1 : 0/400 : 400/400
2 : 0/400 : 400/400
3 : 0/400 : 400/400
4 : 0/400 : 400/400
5 : 20/400 : 400/400
6 : 20/400 : 380/400
7 : 20/400 : 360/400
8 : 20/400 : 340/400
9 : 20/400 : 320/400
10 : 20/400 : 300/400
11 : 20/400 : 280/400
12 : 20/400 : 260/400
13 : 20/400 : 240/400
14 : 20/400 : 220/400
15 : 20/400 : 200/400
16 : 20/400 : 180/400
17 : 20/400 : 160/400
18 : 20/400 : 140/400
19 : 20/400 : 120/400
20 : 20/400 : 100/400
21 : 20/400 : 80/400
22 : 20/400 : 60/400
23 : 20/400 : 40/400
24 : 20/400 : 20/400
So basically what Hypersmurf said. Note that the 2d20 drop lowest method does have a slightly better chance of being '15 or above' than 1d20+4. I'd take Improved Initiative myself, though, since I like the guaranteed minimum of 5. Not knowing what the other feats are, I can't really comment on them. However if you have the choice between 2d20 drop lowest and 1d20+5, definitely take the solid bonus as it will be superior all the way across that right column. At 1d20+3, I would call it a toss-up; at 1d20+2, the second roll is probably your best bet.