Truthfully, nothing holds a candle to Titan Quest + Immortal Throne but I don't think THQ is ever going to revive that apart from doing some retarded Dungeon Siege 3 remake.
Grim Dawn is a long way from release and nothing else seems to be rushing to fill the ARPG niche.
That said, I actually enjoyed TL1 for what it was and preordered TL2 based on the things they are improving. I agree that TL1 wasn't much more than an amalgamation of Fate, Diablo 1 and a couple other ARPG ideas, but I don't think they ever advertised it as anything else.
TL2 seems to be a much more serious effort. I hope Runic has the idea of making an MMO firmly out of their minds and stick to making these types of games.