Loving this game so far. Given the price-tag, this game is Steal Of The Year! In addition, and I can't quite put my finger on why, but I'm actually liking it far more than Titan Quest, Immmortal Throne included. It has some of that indefinable Diablo magic that TQ completely lacked for me. I think it's part controls, part stats/itemization and of course the music. Something about TQ just never felt "right". Torchlight does; so far. That's not to say it doesn't have some issues of course, but that brings us back to the pricetag which makes it easy to overlook most of them.
Small tip for new players, since you can't change difficulties without creating a new character: Go for hard or very hard immediately. Normal seems ridiculously easy, at least up until level 7 or so, where I restarted and increased the difficulty. Decided to go for very hard after some experimentation on the first level, and currently level 14 with my bowazon (or whatever it's called in Torchlight). Haven't run into any serious brick-walls so far.