Divine Oracle is a lot more than initiative goofery. Immunity to surprise has saved my epic party more trouble than they know. The "you will score a crit" is devestating with a striker or well built fighter in the party. And the ability to roll twice vs. Will means you're much more likely to score with the nastier conditions.
As a Blood Mage player myself, I have to say it's nothing to sneeze at. You give up the ability to deal more damage on your own, but can add a metric ton of one shot damage and control. My next wizard may end up going that route (depending on what other broken PPs they've put out by then.
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