This is just a passing phase, one of my bad days - Phase Based
Strengths - Phase-Based combat, like its close relation TB, provides tangible phases which can be carefully measured, anticipated and progressed through. The difference lies in the fact that rather than taking turns, combat is rationalised into two phases - planning and execution. Sequential phase based provides very little advantage over standard TB, however a simultaneous execution phase can provide all of the advantages of real time, sidestep most of the flaws in TB, but does come with it's share of problems. More on that a little later, first the advantages. All of the TB advantages apply here, but with the addition of simultaneous actions, which greatly speeds up the TB process, and also helps to satisfy the naysayers who believe TB is unrealistic. "WeGo" PB effectively takes away the abstraction of TB.
Weaknesses - However, as we said before, it's not without problems. The most glaring one is the fact that you are locking in a sequence of actions with no way of altering it on the fly, which can have effects ranging from frustrating to catastrophic. There are solutions, such as allowing the player to explicitly specify interrupts explicitly when they anticipate unforeseeable circumstances or by providing fairly short phases that don't allow the player to dig a hole too deep. This also works to keep the game interesting and interactive, as lengthy execution phases can be harmful to interactivity especially if all actions are predefined and unalterable. The second major problem is how the game handles invalid moves, such as two characters trying to move to the same location simultaneously. However, problematic as PB may sound, it boils down to being more of a challenge to the developer, and with proper design attention most bad points can be addressed effectively.
Myths -
"PB is just the same as TB" - Yes and no. The major differences lie in the execution stage. Firstly, actions are planned simultaneously, whereas a TB system provides some quarter to slower characters who get to see what faster characters have done. Secondly, while a fast character in a TB system might get an extra turn every now and then, PB is rigid with it's "one for you, one for me" rules. A couple of subtle differences, but they do have some fairly profound effects.