You can think of cyclical initiative (what D&D has used since at least 3e) as the Power Rangers combat choreography system. Each enemy lines up opposite the PCs, and they all take turns punching each other. The camera cuts to each ranger one at a time and stays completely still as the ranger or his opponent takes a swing.
Snooze. Fest. (Edit: Even more snooze fest now that it was deleted from YouTube! Darn you Fox!!)
Here is the initiative system you SHOULD use. It's more like the Avengers saving Manhattan choreography system.
First, you establish the stakes. The biggest of the stakes is what magics are planning to be used this turn. Next, it would be what projectiles are about to fly through the air. But you don't resolve these yet.
Think of Legolas taking aim with his bow, or a sorcerer speaking words of dark power. In the movies, these moments of aiming/casting are never set and resolved in the same cut. The camera always goes to their target first. How about Boromir at Amon Hen:
Lurtz draws his bowstring. >>> Ranged attackers declare actions.
We see Boromir protecting the hobbits. >>> Melee attackers declare and resolve actions.
Lurtz looses his bowstring. >>> Ranged attackers resolve actions.
We see Boromir get hit by the arrow. >>> Aftermath of round, new stakes for combat established.
See what I mean? No? Okay, watch this:
Is the fight over? No, of course not. But when you frame each round around the most relevant stakes and the combatants' immediate goals, you feel like the fight is moving somewhere in EVERY moment. It also makes the fight feel like one big team effort as opposed to a couple really good hits from the designated hitters. It allows for a combined strategy like the Hulk and Thor made to take down that soar whale, or Iron Man and Cap America used to zap those goons.
So here is how I would organize each round:
Phase 1: People using magic declare they are going to do so. Describe the beginning of the ritual/casting.
Phase 2: People using ranged attacks declare they are going to do so. Describe the aiming, nocking,etc.
Phase 3: People attacking in melee declare so, and then do so simultaneously.
Phase 4: People moving declare so and then do so simultaneously. (Helpful to have a speed mechanic here).
Phase 5: All ranged attacks are resolved.
Phase 6: All spells/magic effects are resolved.
There we go. Stew over that, and you can read more about its implications (as I see them) in my next post.