http://www.rpgcodex.net/content.php?id=21
And I pause for a while by a country stile -
Real Time with Pause
Strengths - The addition of pausing to a RT combat system greatly reduces the reliance on any kind of manual dexterity on the players' behalf, and also is less limited by a need to streamline the HMI. Poor design is also more forgivable, due to the simultaneous actions allowing players to get through encounters that offer no challenge at a faster rate, as long as there aren't enforced round times.
Weaknesses - The very philosophy of adding a pause to a RT system is akin to whittling away the corners of a square peg so it fits in a round hole. It addresses the problem of difficulty interfacing in RT, but doesn't get to the root of the problem. In taking away a reliance on player dexterity, a challenge that is vital to RT systems is now gone. In order to effectively compensate for this, there needs to be a challenge in the tactical play, however, that too is compromised by the inability to effectively utilise terrain and cover, or attack while moving, which greatly limits many actions that would commonly take place within a real world tactical simulation. Also the nature of pausing to issue orders and then watching those orders get carried out seems entirely too passive, while on the flipside of the coin, you are constantly pausing which serves to eliminate most of the advantages of a RT system. So basically, taking a real-time system and adding pause comes with all the weaknesses of RT systems, few of the strengths, and is far outweighed by both TB and purely RT systems.
Myths -
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RT with pause has just as much underlying complexity as TB" - Sure, if both systems are exceedingly simple. TB permits the integration of many more features, and has less limiting factors. While RT systems with or without pause have many limitations imposed by their very nature, TB is limited only by the ability to maintain player interest.
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RT with pause is better because the player has control of it's pacing" - The player does get to control the pace of the combat, however the players ability to effectively judge and weigh up their own actions against those of their opponent is no longer carefully measured. If a similar system were introduced to the another essential RPG element that relies on discrete progression, ie levelling, the whole game would be worse off for it. If the player were able to develop their character at any time, without any measurement of level, the character system would seem diluted, and the reward/achievement of reaching the next level has gone by the wayside. There's no reason to view combat any differently. Surviving to the next turn can be an achievement in a difficult encounter, and most players derive a great deal of satisfaction from the knowledge that that all important next step of the way has been taken.