Unlike many here, I decided to reinstall it and give it an honest shake again. I had even sold all my gear and gold when I quit so I was really starting from nothing as a new player would. They've actually improved the game quite a bit, it's pretty much to the stage of where it should have been at launch minus PvP.
That said some aspects of the game are fundamentally broken and no amount of tweaking will fix them. You get a ton of loot thrown at you but the ratio of shit to good is so awful that it numbs you to the whole experience. Choices should be compelling, in Torchlight 2 I would often hang onto a few items and try them out to see which best fit my gameplay style. In Diablo 3 you will vendor 99.9% of what you see without ever evaluating it in a cursory manner, let alone equipping it.
ARPGs in general are wearing out for me, none really got it right this go. TL2 comes the closest, great randomization and loot but the gameplay mechanics are rough and the production values are small studio. I hate to say it but the best thing would be the TL2 devs back with the budget and time that a Blizzard product receives.