White circle on unit

[smeggo]

Does the white circle that rotates back and forth at the base of a unit you're moving or much more importantly about to attack with have any relevance at all?
I tried attacking when one of the arrows (at 90 degree intervals) was pointing directly at the opposition/ away from the opposition/ closed my eyes and attacked but it seems to make no difference at all.

 

[Psychlone]

That's just the cursor to let you know which unit is currently up for orders. Notice, if you click on a different unit, it gets the circle.

 

[Atotarho]

Simply highlights whose turn it is not which way it is facing or direction of attack.

Although it could explain why all my archers got slaughtered the other day, maybe they just shot off in the wrong direction.