Yee... not sensible really.
On an unrelated note, tell me if I'm reading this right. I'm looking at the best ways to use my block of Greatswords (since they're my only unit at present they're definitely going to be in the list for a while when I get one together...). I'm definitely thinking we need to be buffing our units with the numerous, cheap characters we can bring to the table.
So: "Strikes Last" reduces you to Initiative 1 in combat before modifiers.
So would this mean a model with a great weapon who is charging would be striking at up to Initiative 4 (modifiers of +1 per inch moved up to +3, assuming a frontal charge)? In theory you could further improve initiative with other effects, since they'd be modifiers too (e.g. the Demonology #6 spell).