Rystil Arden said:
Improved Initiative is really the best of the four anyway though. If many fights in your campaign aren't mainly decided by the first round's actions, then you either have a weird mix of PCs and enemies or else one of the teams isn't using the initiative to best advantage...
Well, my original post was criticizing your "general relevance" criterion. Whether or not it's the best feat remaining is a different matter. That said:
1) I like battles that are of the large set-piece type, with conditions changing during the course of them. So the first round very rarely decides the matter IMC. I actually really hate it when I get into a fight and the outcome is obvious after the first 3 seconds. Now, that said, ImpInit is still useful, because higher initiative lets you react to changes before anyone else does - In fact, I occasionally have people roll new initiatives mid-battle to see how fast they react to new arrivals/dramatic events. I also use initiative rolls for out-of-battle things like seeing who reaches out to grab the guy who's falling first or who gives into the treasure-pile for the item they want first. (That last one sometimes ends poorly.) So my previous comment that you only get "+4 to one roll per combat " from the feat isn't even true. That said, Improved Initiative is still firmly in the nice-but-bot-necessary band for most characters, and is only occasionally taken.
2) My current reason for voting off Improved Initiative is that it's kinda dull, speaking as a player. I like feats that allow me to make choices during combat. Weapon Finesse is at least something you build a character around, though I'm inclined to think it should just be an option for light and finessable weapons.
3) Assuming Improved Initiative survives this round, I think I'll vote for something else next round, as the passion of the pro-ImpInit camp has swayed me.

And anyway, it's getting hard to pick one anyway, y'know. I like all the remaining feats to a greater or lesser degree.