Thanks, guys!
Having "initiative cards" helps with that - simply a card with each character's name and initiative score on it. You can roll for the monsters ahead of time and create their cards too (or just assume all monsters take 10).
I am actually designing my own initiative cards at the moment. They're going to have a bit more on them than just name and initiative score, though. I'm going to put defenses, hit points, languages, passive scores, and the like on them as well -- mainly all the things that I would normally ask a player about. Not having to ask them should help speed things up at my end.
I used cards in 3.5, but I was just writing everything out in pen and pencil on a 3x5 card and it wasn't pretty, nor was it very easy to find the info. I haven't done it yet for 4e (but I'm working on it -- gotta make use of my design degree somehow!

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If you are going to limit face time for the players then an egg timer is better than a stopwatch as the players can all see the timer.
I used a minute sand clock that i stole out of the pictionary box on my last session to try and speed things up. when a players turn is announced I flip the clock. This has cut down on a lot of meta game tactics time wasting and given an urgency to each players turn. At the end of play everyone agreed they enjoyed the time pressure and the more fluid play in combat.
I was only going to use the stopwatch because it was the first thing I thought of. I have, however, got pictionary so I could do the same thing and steal the sand timer from that. How much time does it give? 1 minute?
The Initiative deck sounds like a cool idea. Another way to do it is everyone rolls initiative standing up and the person with the highest initiative sits to the left of the DM and then the next highest to their left etc. this way you dont take the flavour of variable initiative away by taking 10 but everyone physically knows when there turn is near so they should be ready when it arrives.
I'm going to ask the guys if they'll be willing to try this method next time. Having everyone sit in order so that you know you're next because you're sitting on the right of the person who's taking their turn right now just might help speed things up.
What about making initiative be more like "rolling to see who goes first" as you do in other games? That is, whoever gets the highest modifier goes first and then we just go clockwise starting with them regardless of what anyone else got?
Are u using cards? i made cards with the magic set editor that was on one of the 4e posts. Made some very fun and original cards for everyones powers, magic items and class abilities. Then i made a big battle card that just has the important stats necessary for combat and on the back their skill list, which has reduced the need to look at character sheets down to basically end of the day book keeping.
The cards I printed on normal paper and then slipped them into the see through plastic card covers with a magic card inside to keep them rigid. Even edited a few of the cool fantasy images in photo shop and slipped in the actual faces of the players. (that didnt speed up play but they thought that was pretty cool.)
Yes, I'm using the same cards. The players really like them as they don't have to crack open the book to reference their powers. One of my players is my former graphic design tutor, so he prints out all our cards and things on the school's cardstock for us. He printed the initial run rather large but the guys don't seem to mind, so we've just left the size the same for all subsequent printings.
I'm using different counters from the board game 'Descent' to mark bloodied monsters and pcs and have given tokens to characters so they can mark, signal their prey, and keep track of who is cursed and whose not. some times the stack can be 4 high but it has helped keep clear who has marked what, whose wounded etc. A bit less tracking to do.
I've got some left over colored sticky tabs from when we were playing 3.5 and I was marking up my books like crazy in an effort to speed up having to look things up ... but I haven't needed to use them yet really because we've had hardly any ongoing stuff. We're playing KotS and there's just aren't many monsters that bestow ongoing effects and the PCs only have one or two powers that cause lasting effects. The fighter and the paladin hardly ever mark opponents (in fact, the paladin never does). The ranger uses hunter's quarry regularly, but it's fairly easy to track without needing a visual aid. One of the new guys is possibly going to play a warlock, so we might start seeing more ongoing effects ...
As far as handling 7 people at once and keeping everyone happy, I'm not sure what to say, i think that is something instinctual that you'll pick up from your players reaction. The players good will and helpfulness goes a long way. Anyway good luck and let us know how it goes.
Thanks!
Btw a big G'day going your way from a kiwi in Spain
Cheers. I'm actually American, though. I just live here. LOL.
One of my former GMs listed the initiative order on a whiteboard for everyone to see. That let everyone know when they were on deck, so they would be ready to go when it was their turn.
Yeah, we've got a whiteboard. The players take turns being in charge of it. Doesn't really help with keeping people on the ball, though.
When I've played in larger groups I've noticed the number of side conversations increase a lot, which leads to people not being ready for their turn or distracting the people whose turn it is and in general slowing down play. I would recommend quieting or ending side conversations and keeping the players on task. Without being draconian a little vigilance can make the game go much smoother.
This isn't a problem for my group. It's more indecision and tiredness that keep people from being ready.
That's partly why I want to start putting in a time limit -- not just to keep them on the ball but also to drive home the idea that this is combat! The players might be comfortable just sitting around a table, but if it was real, the characters wouldn't have that luxury. They'd be having to think and act in seconds. So if the players are being indecisive, then their characters can hesitate and be indecisive as well and delay until they are ready (or they're dead).
My group normally has someone volunteer to keep the iniative chart (we also toss them a handful of xp's like 50 or so) and have them keep certain notes ("let me know when we are at the end of each round or when round three starts") etc. That seems to seriously speed things up and you ( a player) can ask the initiative keeper something w/o interrupting the DM. Also having different colored chips/magnets/identifiers seem to help out immensely ("your warlock curse is purple, fighter's mark is black etc"). You can glance up and see who should have what effect on them. Less record keeping that way.
See above re: initiative chart and marking things.