One option I've toyed with was buying a large dry-erase whiteboard and easel to track initiatives & status effects. I would put the player who also DM's in charge of it as he helps me out when I'm "behind the screen". That way the flow can be there, it's spelled out and the players don't have to ask me "what's the brown token mean again?"
Here is what we did today. We had a 13+ round mega-encounter where a Major (Epic level) Primordial was going to escape (and cause major future campaign havoc) if the (Paragon level) PCs did not prevent it from escaping from its prison (the Primoridial was going to escape at the end of round 15, so the PCs succeeded with about 1.5 rounds to spare).
Before the game, I put duct tape on approximately half of our colored plastic status tokens to indicate an effect that ends with a saving throw and did not change the tokens for the rest.
I also changed the meaning of some of our colors to:
1) Buff effect
2) Debuff effect
3) Anti movement condition (i.e. Slowed, Immobilized, Restrained)
4) Anti action condition (i.e. Dazed, Stunned, Petrified, Dominated)
5) Miscellaneous condition (i.e. Blinded, Deafened, Weakened)
6) Bloodied
7) Fighter Mark
8) Swordmage Mark
9) Avenger Oath of Enmity
10) Ranger Hunter's Quarry
It worked fairly well in this 4 hour encounter. As DM, I could just glance at a PC or an NPC and I knew the basics and often the specifics of what statuses were on the creature. Previously, effects 1 through 5 were more haphazard in our system (e.g. having two colors, one for dazed and one for stunned caused more confusion because of too many colors that people had a harder time remembering) and the tokens did not have the save ends indicators.
The groupings of similar conditions 3, 4, and 5 along with the duct tape helped remind me and the players which specific effects were in play, even though we had Slowed, Immobilized, Dazed, Stunned, Dominated, and Blinded show up in this encounter at various times.
And yes, this did average 18 minutes per round, but we did have several zones, a wall, buffs, debuffs and conditions all over the place and 16 total creatures (7 NPC enemies, 2 NPC allies, 1 summoned, and 6 PCs) at various points in the fight. All in all, I was fairly pleased with how just a little more organization than we had previously used on the tokens helped control such a massive encounter. It was also fun for the players when the one Huge NPC enemy died and we took 8 tokens off of it. It's amazing how much can be going on simultanously.
