I've been trying to work out the most efficient possible uses of initiative, since it's clear the devs intended us to absolutely unload (not the skill) on people/monsters.
Typical opening for a trash mob might be: A few vital shots as I run into dagger range, cloak and dagger for vulnerability and then the immediate backstab, heart seeker if they're still alive.
For a human, apply venom on the vital shots, death blossom before cloak and dagger and stay cloaked to let the poison and bleed work, then the backstab. Repeat the process using blinding powder. Ideally they have been unable to land anything on you up to that point. Head shot should be ready just about the time they want to use their heal. Obviously people will counter you, but that's an ideal situation.
My thief is only level 44 so she hasn't quite gotten to all the neat initiative regaining tools except in sPvP. I'm excited to get some practice using them on AI.
Share your nifty little tricks.