Ugh, what the hell was I thinking when I put this category in. ~sigh~ Oh well, too late now, so onward!
I think the answer will have to be both, with a slight preference for turn based; it really depends on the game.
In party based role-playing games I find turn based preferable. Final Fantasy is a perfect example as the early versions were true turn based combat; while the later versions changed into a time based skill combat system.
Maybe its simply nostalgia, but I enjoy having the option to control each character during combat. This amount of micromanagement is really only possible in a turn based system. The newer Final Fantasy games, not turn based, have become far more automated in combat as it’s simply not possible to control all the characters effectively due to time constraints.
But in single character RPGs like Diablo 2 or Zelda, I much prefer the visceral feel of real time combat.
Strategy games on the other hand are much less stressful when they are turn based, rather then real time. Games like StarCraft, which I love, come down to the intense speed of the first ten minutes rather then enjoying the entire game. (I often continue playing long after having won. Best part of the game sometimes.)
Considering that what I enjoy most about those games is the actual building of infrastructure and armies as opposed to the tearing down of everyone else, it is apparent that a turn based model supports my play style much better.
The one point that real time has always won out on is multiplayer. Turn based multiplayer can be rather frustrating. I’ve mentioned that I’m not very patient right?
In general turn based is the less stressful option of the two, which for me is a more fun experience.