Alright, so just to begin the discussion, I don't think normal initiative is working for our group, as big as it is. With how it is now, we end up waiting for one person to post, and we do that 7 times. I don't think it is worth the extra time required to post in exact order; I can sacrifice the feeling of doing initiative the normal way in order to move the battles faster. (I'm always really excited to do my turn).
Malenkirk's has been very good to me in the small amount of PbP that I've done on ENworld, and I really dig it. It may be a little tougher for all of the baddies to attack at once, but its not like that is really any different from normal initiative, because the groups of enemies have the same initiative, anyways.