I have two stories from the same adventure. In a 2e pbp adventure I took over a dropped cleric mid-adventure, it was a dwarf cleric and he had a nifty multi-powered mace that was decent in damage, but great versus undead. So anyway, while searching for the crystal mask of Amaunator, we were travelling through a tunnel in a glacier, and it was BIG. My anticipation was rewarded because it was the lair of a mating pair of Rhemorraz. Ever since 1e as a kid, I have loved that creature, and I finally got to square off against one. Awesome. The fight in a gothic-like ice cavern was everything you'd want to have. Chaos abounded.
Well, in the same adventure, at the temple, our group had to face off against a circle of undead priests, the high priest being a really nasty thing that paralyzed you with but a touch. Well, so my cleric is rocking against the priests, and its down to me, one other player, and the high priest since the rest of the party is paralyzed and out of action. The priest gets the other guy as I double damage the priest. Next round, I roll ANOTHER double damage and just about maxed the damage roll, too. The hit's about to destroy the high priest, right? Too bad he had higher initiative that round and I failed my save, and the blasting hit never landed...Oh Snap! I'm paralyzed, we all die, game over. Epic fail, still a great ending, though.
So don't ever fool yourself into thinking initiative ISN'T important. It turned a glorious moment of victory into everyone dying.
"Are you sure you want to do that?" - Most important question I can ask you as a DM. So pay attention!
http://www.opengamingfoundation.org/srd.html (3.0 SRD)
http://www.d20srd.org/ (3.5 SRD)