Haven't bought LoG, but it seems like the 2 would go hand-in-hand, as this game looks to be a throwback to a simpler game mechanic, but with much more modern graphics. So no turn-based combat?

Of course, once someone attacks, there is a "cool down" period, and you can't have everyone attack at the same time (that I know of), so in a sense it is "turn-based", you just pick and choose who does what depending on when they can take a new action.

It is a throwback to the old games like Eye of the Behold and Lands of Lore, which were real time games based on a grid. Legend of Grimrock is just like those older games, just with better graphics.