The main potential problem I see is what the enemy player would do during all the non combat parts. Would they just watch the party player(s) as they explore the world, talk to NPCs, do some shopping, try to chat up companions, etc for an hour before they get to participate in a 5-10 minute fight?
Well, I think the idea is for players to jump in for individual fight. So you que in, game finds fight for you and you jump in and jump out when it is done.
Anothing annoyance might be the host waiting for combat to start. Afterall first load in D:OS2 isn't a brief one.