For a single character, I find WoW style combat rather dull: without latency in a single player game, there is no necessity to reduce combat to min-maxing ability chains. Instead of long timers, abilities can be limited by giving the enemy the ability to counter them with a stance or move that might open him for another attack in turn.
Observing the enemy, quick reactions and accuracy should have a place in combat if possible. If the player has complete control over a bunch of characters, this might not be on option, however. Either way, I am curious how it will turn out.
@Badesumofu: consequences and sacrifices are important, but I hope you are not sold on Peter Molyneux' ideas of permanent punishment / scarring / aging etc. for good characters. I did not play Fable 2, but the initial ideas sounded way over the top. Also, it does not reflect my experience in the real world that good people are generally disadvantaged. Idealists are rarer but often cleverer than the common opportunist and therefore see more alternative options. Also, at least where I live, bad people have to cope with prison - artificial aging in game terms - a lot more.