Tactically speaking, losing init to ASF isn't the end of the game - there are still plenty of defensive measures that can occur to prevent them from getting a clean shot at a lone target. Lines must still be drawn from respective approach sections, so entry points are still predictable; move units you think will be targeted into the general area you think a flight path will be drawn (granted, this is purely situational but so far, it's worked really well for me).
As far as "initiative sinking"? There are far cheaper ways to do that (infantry, mounted BA, gun trailers, etc). Also remember that PVs spent on ASF takes away from the total PVs spent on Ground Forces. ...If your opponent has 100% PV on Ground Forces, one would have to live with whatever margin was spent on putting resources in the air....