On the pro side: Noisms. And on the con side: Charles Taylor.
It should come as no surprise by now, but I side with Noisms. I use one-minute rounds, although honestly it doesn't matter what the precise time measurement is, as long as it's enough to represent broad, multiple actions. In other words, as long as one round is not 1 to 10 seconds, I'm happy. I don't like blow-by-blow combat.
When I assign specific times to anything, these days, I've been thinking in terms of Moves instead of rounds or turns. There are two Moves per round or per turn, with one Move being about 30 seconds or five minutes, depending on the scale being used. The traditional armored movement rate of 6 scale inches works out to 60 feet per half-turn, as mentioned in Underworld & Wilderness Adventures, or up to 12 feet per round ... but this does not mean that you can only walk 12 feet a minute (or 24 feet a minute when unencumbered.) This is an approximate distance traveled after taking into account jostling back and forth or evading opponents in mêlée. In other words, it's abstract movement, to match the abstract combat.
But here's something to consider: I once saw Michael Mornard (Old Geezer) say, in a discussion on RPGNet, that when you are using OD&D combat rules at their most abstract, complete with one minute rounds, it takes about one minute to resolve each round... so you are effectively gaming in real time. You could skip counting rounds and just play out the combat, as quickly as possible, then look at your watch afterwards. "Oh, looks like that combat only wasted 5 rounds. At least your torch is still burning!"