That UI does look cool. I never played beta, but I'm guessing tactical played differently back then.
The way it is now - if a unit has 3 actions in a combat round, you can choose to use those actions all at once or use them one at a time while juggling through your party. In otherwords, move unit A one square, click on another unit and move it, and then go back to the original unit to issue a command, etc..
Having an initiative bar doesn't seem like it could accomodate this, as you get to decide the order you spend each individual action point across your whole team.
However, it would be nice to have a more visual way of seeing all units (yours and opponents) remaining actions in a given combat round. Perhaps a green dot at each unit's base per action point remaining. Something you could toggle on/off.