Tetsuya Nomura has already hinted that it won't be turn based, he said he can't imagine making a game with such great visuals and having the characters just standing in a line waiting for their turn to strike. But having said that I think there's a small chance SE could make it an option, they know deep down that 80-90% of the players of the first game will want this battle system and to be fair it's a very very simple battle system so it won't be hard to do alongside another action based system in which you could be given the choice before you start a new game or even change it in an in-game option.
PSN ID: Stokesy
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