We at Gamereactor loved Torchlight and were hoping to hear more about the MMO-version of the game that Runic Games have been talking about (since we constantly lament the cancellation of the orignal Mythos). But instead we're getting the next best thing, and Runic Games have now announced Torchlight II instead. It's supposed to be released during spring next year, include co-op (which was lacking from the first game), overworld areas and other nice things.
Take a look at the new website to find out more about the game. The little there is to know right now.