Why Computer RPGs Waste Your Time
spidweb writes "RPGVault has an editorial about two particularly noxious qualities of computer role-playing games. Spiderweb Software's Jeff Vogel goes off on a tear, discussing how you work forever to earn the right to do anything exciting, and must 'prove yourself' by expending tons of your time. From the article: 'So now, thinking about playing an RPG just makes me tired. I'm tired of starting a new game and being a loser. I'm tired of running the same errands to prove myself. The next time I enter my fantasy world, I want it to not assume that I'm a jackass.'" I think Oblivion handled this well, scaling the world as you went and giving you really interesting things to do from the get-go. What other games dodge this bullet? Do you see this timesink as an inevitable part of the RPG genre?
Try giving Wizardry 8 a shot. Excellent phased combat system. I, like you, truly enjoy the phased aspect of an RPG. It allows for much more strategy and a lot less "I luckily clicked my hot button just before you did" style play.
Wizardry 8 also uses a party system, so your 4+ character requirement is happily satisfied. Characters start off fairly weak, allowing you to build them up. Another nice element is the ability to change professions, similar to FF Tactics. While you won't be superb at your new class immediately, you still have much improved base statistics to build off of. Obviously, this allows you to change a party member's class without requiring you to go back to the beginning area simply to have them live.
Wizardry has been an excellent RPG series, and 8 built upon that to create the modernized old-school RPG you are searching for. Here is a link to an overall review and summary for the game.
One thing to note though is that this is a 1-player game. I don't think you can really expect phased combat to ever enter the MMORPG arena. Most people don't have the patience to wait for others to setup turns continuously. This is the same problem Civilization has had with multiplayer.