I still play Neverwinter Nights. Looking forward to Neverwinter Nights 2.
If the gameplay is anything reminiscient of NWN1, then it will be round based. As in it all looks real time but you only get a certain amount of attacks/actions per every 4-6ish seconds. By DnD rules (Making every 6 seconds a DnD round) thats normally only one attack/spell/item. However as you grow in power you get extra attacks per round and using Quicken Spell you can get off two per round etc etc.
I downloaded these two screenshots to show someone else, so I'll chuck em up here.
They don't show much, you can find them and more at the official site (linked somewhere above) or I can post some more if wanted.