What you describe sounds to me like a text-only version of the old school JRPGs combat system.
@Pikalek does a very good job describing why these systems may be boring and how adding depth keeps them engaging. Still, I see two issues with this combat type:
- There may be too much micromanaging. If combat is common, this may become boring fast.
- Although engaging for hard combats, the system may have too much overhead for simple battles. When you clearly overpower your enemy it becomes a drag to play a combat.
Here is where some lateral thinking may be useful. One such example is how Final Fantasy XIII radically changed the traditional FF combat system.
In FF XIII combats happen in real time and player characters are AI controlled^. The player input is a "paradigm shift" that assigns roles to characters, instead of specific actions. Roles determine which skills each character use, and are very general behaviours such as warrior, mage, tank, medic, etc.
This system has pros and cons but I found it to be very effective and engaging.
On the negative side, you lose the fine control of your character actions, you need a pool of skills/roles big enough to be effective and probably is harder to implement.
On the positive side being real time battles are much faster and engaging, easy battles can be dispatched quickly. Also I feel that combat becomes more about strategy (how to set up your party and paradigms) and the tactical flow of battle rather than micromanaging actions, e.g.: start with a buff/debuff round, switch to warrior/mage, is there a big attack coming? quick, switch to all tank!, etc.
Implementing such a combat system is a big commitment and would impact a lot of areas of the game, so take it with a pinch of salt. Still I feel is a very compelling and underused system that I would like to play more, and seems like a good fit for a text only game.
^ To be precise, you can either manually control the main character, or set it to full auto.