It seems like Torchlight II will be delayed for a month or two. Runic Games CEO Max Schaefer told Digital Spy that work on the Xbox Live Arcade-version of the first game - which will be released as a part of Microsoft's House Party-campagin that starts this month - got in the way. "I'd say that the Xbox project, having to do the extra work with the interface, has pushed us back a little bit, so we're probably talking July right now for Torchlight II," he said.
"It's going great, however. We've actually got some optimisations and technical improvements that went into making the Xbox version that we've been able to go back and implement into Torchlight II for PC. We've got load times down, we've got some animation stuff that's a little bit better, and it's feeling really good right now."
Torchlight II was supposed to be released at some point between May and June, so it's not a major delay.