what's really the important factor is how tactical the combat is and how good it is, turn based or not. it can be good or bad either way.
I'll lean towards real-time though, I think, mainly because turn-based combat tends to create a disconnect between exploration and combat. in a real-time game, you can loot a chest while being waled on by a zombie, for example. in a turn-based game, this is only possible if the combat occurs in the same space as the exploration, consuming AP or something for looting a chest.
note that I'm thinking of "pausable real-time", too. to put it simply: pausable-real-time > turn-based > unpausable real-time
