The way I understand it, combat will be a little of both.
a) Combat needs to be based on skill points, AC, weapon used, etc. and not on finger twitch speed or ping times, so it will be based on time and stats as opposed to detailed keystrokes.
b) OTOH, you will probably be able to vary the \"moves\", \"styles\", or \"combinations\" you use when meleeing. Some of these will be better than others. This means that if all you do is press one key and wait to auto-fight, you will fight sub-optimally.
- Venge