For a 3.x feat it would actually be quite good, but I just don't find it up-to-par compared to the other 4e feats. That +1 may never make a difference, and even if it does, the chance of it happening is pretty slim.
If you're in a party of 6, you're boosting their initiative by a combo of +5 and it stacks with everything.
Which is another way of saying - it might be slim for any one party member, but over time, it should be more effective for the group than an individual taking Improved Initiative for themselves. And that's ignoring the benefit to Insight -> you're improving the entire party's chance to aid you to the point where you'll likely get one more aid than you would have otherwise...