I didn't realize he had been reworked until I made his post! A friend used him fairly often, he just really loved screwing up my Original X-Men.
I like how his new Reorganized Chaos works. Like you said, it can definitely still be monstrous. However, the trade off of having to lose initiative makes it feel like less of a snowball effect.
I don't have much insight on Joker since I haven't played him much, let alone his rework version. Are there any insane armies he's particularly effective in?