The thought just occurred to me as to how one might go about creating a "dynamic initiative" system without needing to roll tons of dice over and over again. The concept revolves around Turn Points, or TP, which actions would consume. A swift/immediate action is worth 2 TP, a move action is worth 2 TP, and a standard action is worth 4 TP. This would mean that a full turn is worth 8 TP.
So, at the start of battle, characters roll initiative normally. But then, on their turns, if they spend too many TP on their actions they take a penalty to their rolled initiative possibly impacting the turn order, or if they are more frugal with their TP they might actually get an initiative "refund," possibly causing them to act earlier in the next round.
Now, the tricky parts lie in just how many TP do players have available, and just where the fulcrum of this bonus/penalty to initiative lies. Different classes could have different TP accumulation rates and/or different TP boundaries. Characters could gain bonus TP and/or temporary TP.
For some examples, let's assume that the baseline tipping point for all characters is 6 TP, so that for every unspent point below 6 a character gets a refund to their initiative and for every point spent over 6 they take a penalty to initiative (to a normal maximum of 8 TP spendable per turn). Okay, and let's say that Fighter McStabs rolls a 14 initiative, Wizard Gandalfbeard rolls a 20 initiative, and the Bulette rolls a 17. Wizard goes first and he casts a summon spell costing him all 8 of his TP. This gives him a -2 penalty to initiative bringing that down to 18. Then the Bulette goes and it charges the Fighter costing 8 TP, also taking a -2 penalty to initiative going to 15. Okay, now the Fighter just stands and swings as a standard action spending only 4 TP and grabbing a net +2 bonus to his initiative for the round, moving to 16. At the top of the order, it's still the Wizard who finishes his summon spell and does something else, but now after the Wizard, the Fighter gets to go again, before the Bulette.