MindWanderer: huh? It was never there; in 3.x, whenever your readied action goes off, your initiative moves to that point, so you don't get to attack again for another full round.
Re "smart orcs" -- you -do- get an attack of opportunity whenever someone uses a ranged attack while in your threat range; the default way to disrupt annoying powers is to kill the power user. So smart orcs expecting a fireball to go on line will mob the wizard -- that way, they get an attack and another attack when the wizard tries to use a ranged power. Of course, if the wizard instead, oh, uses an eladrin shift and then blasts them, they're boned -- but at least they tried...
Re "smart orcs" -- you -do- get an attack of opportunity whenever someone uses a ranged attack while in your threat range; the default way to disrupt annoying powers is to kill the power user. So smart orcs expecting a fireball to go on line will mob the wizard -- that way, they get an attack and another attack when the wizard tries to use a ranged power. Of course, if the wizard instead, oh, uses an eladrin shift and then blasts them, they're boned -- but at least they tried...