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In general, the separation of speed and initiative is such a great and obvious solution that I'm surprised it wasn't done sooner. In King's Bounty, it works perfectly. There are elven archers with extremely high initiative and low speed, who go first but are easily blocked and can't run away very far. There are dwarven droid-mechanics with lower initiative, but they can easily kite half of the units. But in the second Heroes game, the same elven archers could easily kite everyone because the developers gave them super high speed so they would go first, and it looked stupid. In the sixth game, they finally made a normal split between initiative and speed, but it would be even better if they made the games themselves normal.
And the initiative scale in the fifth game is just a disaster; I never learned how to navigate it. It feels like the units are placed in some random order. And it's very annoying (not) to wait for the turn of some ents or rakshasas when the battle is already in full swing and all the normal units have already gone five times.