I think Haderak has a good idea here.
What I'd like to see is an impulse (badoom boom) system, where your combat speed dictates who goes first, as well as how many times you get to act in a 'turn'.
This would incidentally make a 3.7 combat speed mean a little more (currently 3 or 4 is all that matters). Example:
Phase 1 Speed 5+ characters/enemies act, in descending order of combat speed
Phase 2 Speed 4+ characters/enemies act, in descending order of combat speed
Phase 3 Speed 3+ characters/enemies act, in descending order of combat speed
Phase 4 Speed 2+ characters/enemies act in descending order of combat speed
Phase 5 All characters/enemies act, in descending order of combat speed
You get the idea here. You may want to do this as 'highest speed character goes, then highest speed enemy, then next highest speed character, next highest speed enemy, etc. so that a whole party of fast characters doesn't execute a bunch of attacks on a given phase before the monsters get their chance. Also, you might find it preferable to change up the 'phase chart', so that slow characters/enemies get a chance to act earlier. Example:
GUI wise, characters not able to move in a given phase (or those you have already moved that phase) could be 'grayed out', so you don't have to wonder who can move on which phase.
One disadvantage to this system (using the current action points) is that if you move on a given phase, you won't be attacking on said phase. Perhaps a 'charge' option might be in order in this case (at varying degrees of effectiveness, depending on your weapon). And an 'attack while moving' option, at reduced effeciveness, could be implemented as well. Parked/non-moving units could have a 'set vs. charge' or 'defend' option, giving them a bonus when being charged or attacked by 'attacking while moving' units.
I do like the current action points system that Elemental uses (an action takes 'x' speed points to do). The 'all side A executes all actions before side B goes' thing probably gives the initiating (moving) player a little too much advantage, though. I've been taking advantage of staying just outside of the movement range of the enemy, so that I can get all my attacks in first (i.e. staying 3 squares away from them, and letting them come to me).
And for the most part the enemy does get to counterattack for every melee attack I make (I strike, he retaliates, I strike, he retaliates), but once the enemy is out of counteractions (i.e. has counterattacked two or three times), the rest of my characters get 'free' attacks on that enemy. Dunno if this was a patch thing, or if it was always there, but it seems like a good compromise. It'd be nice, though, if characters with bows could counterattack in melee somehow (at reduced attack strength) - once an enemy gets to melee range he gets two or three 'free' attacks in, with no counterattack. This might have been a 'balance' decision (since bow characters get 'free' attacks at range), but it seems a little hokey to me.
I am enjoying the game so far. I am looking forward to seeing some improvements in gameplay (through patches), though. A 'stack manager' would be nice, but that's a topic for another thread.