"It's also funny watching morons froth at the mouth"

--James E. Raggi IV

So there's me and James Raggi talking about games on a podcast again. This time it's The Game's The Thing. As usual, it starts with me and James doing our whole salesguy catalog spiels and slowly transitions into advanced GM theory and drunken namecalling so if you just want that stuff, feel free to skip ahead.
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On to the serious business:
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INITIATIVE QUESTION:

Is there any RPG that does initiative like this:

-Each side rolls initiative (one die for all the PCs, one die for the GM).

-The winning side has one character go (if it's the PCs, they just choose among themselves who'll go first)
-Then the losing side has one character go
-Then the winning side has one character go...
etc. etc. the side with more characters has the leftovers all go at the end.

?

I've never played that way but it seems like it combines the tactical complexity of having individual initiative with the simplicity and "hey everybody put those Cheetos down and pay attention" quality of group initiative.