Ok, so there was this thread which was moved to the front page of vsrealms. In the thread the author says:

Now, I think this person is playing this incorrectly, but it would be nice to get a response from Mitchell or someone. In the rule book it states:

So if a player plays The Power Cosmic, they gain the initiative, and once the turn ends they should have to pass it to the next player. The rules do not say "At the beginning of each turn, if your oppenent started with the initiative at the beginning of the last turn, then you get the initiative", the say instead that regardless of what has happened during the course of the turn, at the end of the turn whoever has the initiative passes it to the next player.

So which is it?

i agree thing11. when i read '3 times in a row' i thought 'that isn't how it works'.

i believe it would be 2 times in a row at most. the initiative would pass back to your opponent on the turn after you played power cosmic.

Thats the way I see it. Plus, the way I believe the card is intended to be played is such that you will win in the turn you play it.

yeah i think that might be a typo, should say 2

You are correct. Initiative must be passed at the end of the Recovery Phase. It doesn't "keep track" of who is supposed to have it when, just who has it now and who gets it next.

excellent...

Good, that is what I thought.