Will require more playing but I'm cautiously optimistic this may be my favorite Diablo-like, dethroning Diablo 2.
Playing on veteran the difficulty has been just about right, HP bloat on enemies hasn't been much of an issue and enemies do enough damage I have to pay attention but I haven't hit a brick wall yet.
Loot seems handled well with uniques dropping just often enough to seem reasonable and greens and rares keeping me (Mostly) up to snuff. Slightly wish sets were their own color since I always want to make sure I can packrat them in my stash, but I understand why they're not. Weapon types behave differently and items can have interesting stats and effects (The weapons you can improve by getting a few kills are a neat touch too), absolutely destroys Diablo 3 here. Possibly better at the loot game than Titan Quest which is as big a compliment I can give it.
Enchanting is handled much, MUCH better than Torchlight 1, as is fishing.
Area tilesets are changing at a very decent pace, have yet to feel like a part of the game is dragging ass.
Enemies have varied combat behaviors, not just different health and damage. Requires at least some prioritization on what you'll tackle first in each fight. Speaking of enemies they seem reasonably paced like the tilesets, haven't gotten completely sick fighting an enemy type yet.
Character stats are all useful for all classes/builds, makes choosing how you want to spend your stats more interesting than any other Diablo-like I can think of.
Haven't played enough to judge all the classes (Only done engineer so far) but the skill trees for the engineer at least seem well done. Multiple obvious builds available and likely a fair number of non-obvious ones. The tiers for skill improvement on top of the normal flat increases is a nice touch, as is having the impact of most/many skills based on character level as well as skill level. Rank 1 heal bot is still useful while pushing level 20, even though I could make him even more useful with more points. Not as much variety as the skill system in Titan Quest but it doesn't really need it.
Fishing's definitely improved over Torchlight 1 as well. Finite unique fishing hole use is great, and dynamite is excellent if you want to opt out of the fishing minigame entirely.
The random map generation is great, can definitely give Torchlight 2 the crown for that.
Sound and graphics are great/good. Pretty small niggles like still noticing enemy pop in at the borders of the screen and thus far the soundtrack isn't as good as some other Uelmen soundtracks. Small issues though since I still like the look of the game and the soundtrack is still far better than in most games.
The little challenge rooms the phase beasts portal you to are a great addition. Thus far they've all boiled down to murdering monsters, but the twists are a fun change of pace every once in a while.
So yeah, unless the game suddenly drives off a cliff later it's looking pretty good. I enjoyed the original Torchlight but the loot wasn't on par with Titan Quest and the gameplay wasn't up there with Diablo 2, so I played through once and had a good time and was done. Torchlight 2's looking like it's up there.
Still early on with the game so swearing "I'm going to replay this!" is kinda hasty, but yeah. Judging by all the systems and gameplay behaviors I've seen I'll probably play again.
Apologies for the eye-watering wall of text, it's horribly late and I just finished playing and wanted to do a quick writeup.