Delay always felt cheesy and artificial that someone could wait, and then superspeed enter in before anyone else's normal reactions. I like the fact that they removed it both for simplicity sake, and for plausibility reasons.
pming, that seems like a very long-winded way of saying "I handwave initiative". Which is fine, but not totally useful in a thread about handling problems within a non-handwaved initiative system.
Player 1: "I move over here to engage this orc, I use my attack action to swing at him with my shortsword (insert description based on attack roll), I move over behind cover and use a bonus action to attack with my my dagger (insert description based on attack roll).
Player 2: "I delay until after the bard goes so he can buff me."
Player 3:" I cast bane on that group of enemies, and use bardic inspiration on Player 2. Then I move over here to get cover. (description of him casting the spell and the words of encouragement may or may not be tossed out depending on the player)
Player 2: "Now that I have the inspiration I move to engage that group of orcs, attacking the strongest looking guy".
Example:
Player of PC Cleric: "I delay".
NPC 1 knocks Fighter unconscious.
Before NPC 2 whose turn comes up immediately after NPC 1 can coup de grace the fighter, the Cleric steps in.
Cleric heals fighter.
Coup De Grace can no longer be done.
NPC 2's turn.
Delay can be used to prevent a PC death in this example. What a player uses Delay for is irrelevant, it's still this supernatural ability to force your PC's (or NPC's) actions in at any time before the next creature's turn and the ability to react to the most recent set of events. It's totally game mechanics driven and implausible, hence, cheesy. It doesn't make logical sense.
The Cleric PC isn't preparing an action like with Ready (which makes sense, "when an ally falls, I cast cure wounds", the cleric is prepping a specific action). The player of the Cleric is reacting to NPC 1's turn before NPC 2 gets to act. If NPC 1 had cast Hold Person on the fighter instead of knocking him unconscious, the Cleric PC can cast Dispel Magic instead of Cure Wounds.
I might not be describing the issue well here, but this is what I dislike about the Delay action. It's totally metagamey.
If acting too early is problematic, then exactly what advantage do you gain by Delaying that you couldn't gain by skipping your turn? Functionally, there's no difference between acting first in round 2 and acting last in round 1.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.