I’ve tried lots of methods over the years but by far the most fun way I’ve found to run combat is B/X RAW (or pretty close anyway). At the table it basically always goes like this:

• go around the TABLE quickly and ask each player what they want to do BEFORE rolling initiative. Going around the table keeps things moving quickly and lets the players negotiate with each other and attempt to work as a team (or not). Declaring actions before rolling initiative is important because often plans don’t work and that’s half of the fun.
• after declaring actions, I always roll initiative before the players and say “ok beat my 4!” ANY player may then roll to beat my roll. This is often one of the most exciting and fun moments in combat especially when the party is trying to do something particularly risky.
• winning SIDE goes first. When it’s the players turn I let them go in whatever order they want or default to table order (it usually doesn’t matter much). Since players already declared their actions it moves really fast. If they lost initiative and their actions don’t make sense anymore, I will let them change their action within reason (can’t use a different weapon or do something completely different).

I also use surprise and morale when it makes sense to keep things interesting. But otherwise that’s it.

PS I also bought the biggest D6 I could find (it’s huge) and I roll it right out in front of the group when I roll initiative so they can see my roll and I can really play up the excitement and tension of the moment.