The loss of Initiative bonus on Furious Charge really fucked over the Orks though. Now you;re pretty much always going to hit last in CC. Nothing sucks worse than charging someone, getting shot up in overwatrch, getting chopped to pieces in the first couple steps of the assault, and only THEN getting to attack with whatever handfull of boyz are still alive.
To be honest, I don't think that I3 did lots for Orks. You now go before Guardsmen instead of simultaneously, but then again they're Guardsmen, you rip and tear them anyway (especially as you can call a challenge that you're almost certain to win, and if he declines he loses three attacks and potentially his Ld 8). You still go after Marines, you go after Nids and after all Eldar... you go simultaneously with Tau, which isn't an issue because they'll kill one dude if they're lucky.
I think it only actually matters when you fight other Orks, which is an interesting fight - Shoota Boyz get horrendous Overwatch and strike simultaneously with the Sluggas charging them, so it's rare you won't prefer Shoota Boyz over their CC brethren.
This is all assuming you're not charging through cover anyway, which you'll probably do quite a few times against a good opponent.
Also, Overwatch actually has a pretty minimal effect. It's not for weakening your charge, because it doesn't kill enough to do so - moreover, it's about stopping your charge completely by killing the one or two Orks closest to the firing unit and hopefully leaving them out of range.