IMHO, RT in Arcanum is bad…
because the underlying battle mechanics are much more complex than Chrono Trigger's or Final Fantasy's ATB. ATB is nothing more than a very fun, glorified "cooldown" system, and your actions are very simple: physical attack/defense, elemental attack/defense.
Arcanum's battle system factors in i.e. visibility / lightning, positioning, and a bunch of other stuff you must be aware of. Not very ideal for a quick RT system.
RT was masterfully made in Diablo (et al), but the criticism is that battles in Diablo are shallow click-fests. So I guess this is a debate that cannot be solved peacefully.
You want either control (turn based) or speed (real time).
If you want both, then you are designing an action game, not a tactical RPG.