Vastly overrated, it's honestly insane. Going first is a detriment in a lot of cases now that Delay doesn't exist and the Ready action being so costly.
People actually play with those silly restrictions? This is the one no-brainer as far as houserules go. Honestly, one of the only really foolish and thoughtless things that 5e does. Reminds me of imposing hit penalties to two weapon fighting in 3.P.
Back in my day we used all of our spells before the fight, and it was just a matter of time before the DM realized his encounter was over.
And we walked to our dungeons uphill through the snow, both ways.