I haven't played Albion yet, but I personally like the way pyromancer does it - complete realtime, but the monsters are rather slow windshield kills. Until they're too many and themselves become the windshield, lol. But I think this only works with weak enemies, because a single enemy is very hard to keep track of (that especially applies to pyromancer's lighting, but to other games, too).
And that is a major problem with realtime-based RLs, I think. You have rather weak and rather powerful enemies, and the problem with more diverse monsters is to capture the player's attention early enough to make him realize that a powerful monster is there and to give him time to think about how to defeat it. Otherwise it will just walk up to him and kill him dead.
One thing that is done in RTSs or RPGs is size, but that doesn't work in RLs due to obvious reasons. Another way that can be done in RLs is preattentive colors, but that of course limits your options on the variety of monsters.
That applies to both realtime and semirealtime RLs. The only question is - what do we understand as semirealtime? Is it waiting a specified time for the player to make an input? That is the only way to do it I can think of. Then we have the question: How much time should we give the player? Enough to think? Or barely enough to react? It depends on the granularity and intended difficulty of the game. In a simple game, say, DoomRL, you really don't have many options - either walk or fight. Both doesn't take much time to think about. A shorter time would be optimal here, I think. Do we have the complexity of Nethack or Crawl? More time should be given. I don't think you could turn these into realtime or semirealtime games at all, but I dislike the idea of speedchess, too, so that might be just me.
Anyway, these are my ideas.