It’s made by ex-Blizzard North people and apparently has a lot of similarities to Diablo. My friends who are into the game say that the main thing is it has better loot than D3 does. The first game is a bit simple (more like Diablo 1, I hear), but you might want to try it out.
Yes, I do own and have played Torchlight. I eventually got so bored, I set down the game and never picked it up again. It was the most unmemorable experience I can imagine. The game is shit.
But the game didn’t have a long development time. And there is a reason it could only sell for $20 or less.