*sigh*
Faster than light speed travel does not explain how you wage war against several other huge factions and win in a matter of hours. Regardless, twice the speed of light is not that fast in terms of galactic travel. The nearest star to our star is 4.3 light YEARS away (that's 37668 hours in case you were wondering), other stars are similarly displaced (discounting binary systems). They are not 10 light-seconds or so apart. 37668 hours = 135,604,800 seconds. Let's say in game it takes 10 seconds to travel from star to star. Phase space would have to let you travel 13,560,480 times the speed of light to get in roughly the same amount of time. Still, it's a game, that's not too implausible.
As for buildings - just because building in WiC is about the same time does not make this game real-time all of a sudden. (I haven't played WiC, though from what I gathered they weren't built so much as dropped off onto the battlefield.)
Research is not explained: it takes longer to draw a picture of the ship in question than it does for these guys to research it.
Searching the planet: doesn't seem to take very long. Sure they might have a scanner for the purpose, but what they built it first and then all of a sudden it costs a load to use it? And only for a few seconds?
Structure construction is not explained: Forgetting actual, near-instaneous construction for a second, surely it would take more than few seconds to get the workers from the planet surface to the actual structure? Some of those things are huge like cities and it would probably take over an hour just to get one person from one side of it to the next.
Upgrades on ships are not explained: having invented new technology it rolls out instantly across the fleet? Wow, impressive logistics system.
Colonised planets have a remarkable birth rate for real-time. Also, they seem to work pretty hard and pretty fast in order to generate all those taxes.
I could go on.
So, clearly the game is NOT in 'real-time' (if you actually think this game could occur in real-time, even with phase space, you need your head examined): you might think it's real-time because of the sub-light speed battles, but really it is these that are out of place, and not the rest of it. Almost everything else, excluding the battles, could be considered pretty much in the same ball park and so you there would plenty of time to see planets orbiting, had they coded it.