I think so, and that's one of the key reasons why I love it so much.
The battles are not insanely complex, but the game almost overloads you with the minutia of being the captain of a fleet. From managing your ships to customizing their mods to assigning your crew... it really captures the feel, IMHO.
It's not a classic PC-style space sim, exactly, but it's probably the closest thing you'll find in a Japanese (or even Western!) handheld game! It crushes the Star Ocean series in that respect as well; but SO always disappointed from the space opera angle.
Edit - Combat is basically a sort of phased real time. Your command gauge and the enemy's fill up in real time, from green to yellow to red. Different combat options open up depending on the color of the gauge. At green you can invoke the dodge command (which beats barrage but loses out to normal). At yellow you can use either dodge or normal (which beats out dodge) or sometimes both! Some special skills become available at yellow as well. At red you can do elect to do those other options, or initiate a barrage (basically normal attack x3) which does mega damage IF the foe isn't in dodge mode. More powerful skills are available at red as well, once learned.
It's pretty awesome because actions don't deplete the whole gauge, so you can mix and match some abilities. Once enabled, dodge is "on" until your next skill/attack. It'll instantly negate all barrage damage, but it does leave you open to taking extra damage (and crits) from normal attacks.
Beyond those actions, you can also move your fleet forward, backward, or idle in stand by. You can switch from these on the fly without losing any of your command gauge. they're always available.
Different weapons (and different ships) have different min and max attack ranges, so beyond waiting for your command gauge to fill to the appropriate levels, you need to move forward, backward, or switch to idling such that as many of your ships' weapons as possible are in-range of the enemy. If you have 5 ships each decked out with 4 weapons, and all are in range, you'll get 5x4 (or 20) attacks with each normal command initiated. 60 for the barrage!! It's pretty great stuff, and it gets a little more complex as you proceed.
And that's nothing to say of the melee buttons (which, in all honesty, are simpler rocks/paper/scissors affairs. But still fun!) Some scripted battles (like raids of pirate bases) are forced melee encounters. But you can initiate melee battles in MOST regular encounters just by decreasing the distance between your fleet and the enemy's and tapping the melee command once it pops up.
Great stuff!