What you guys are thinking of is an RTS-style combat system.
Basically, when a battle begins, it is paused. Once all units have been given orders, it unpauses and the ships fight it out in real-time like a movie. Orders may or may not be issued while the battle rages, but after a set time increment the battle pauses and orders can be changed.
A) After the initial orders, the battle plays out in real-time where you can issue orders as the battle rages until the battle ends.
B) After the initial orders, the battle plays out in real-time for a set time. The battle pauses and orders can be changed. Unpause, watch, pause, orders, unpause, watch, etc. until the battle ends.
(I prefer A)
This is always something I have desired in a game like this. It fixes a lot of problems inherent with turn-based combat. I.E. whoever attacks first will usually win (most evident in MOO2). Plus, it would just be fun to watch!
Just imagine, full 3d fleets with incredible visual effects set loose upon each other in a real-time combat scenario with you, the player, strapped in for a good show. Sit back and watch the action! (Okay, a bit overboard, but I can dream can't I?)
But that is something for SEV.. maybe. I hear a lot of good about MM and how they respond to player input.