Fantastic news. Runic have just announced that a sequel to their popular dungeon-crawl action-RPG will be coming in early 2011 via direct download. The site's just gone live, which promises a few big changes. Most notable of this is peer-to-peer co-op, including matchmaking abilities so you can locate people with similar level of (er) levels. Also, outdoor areas - complete with weather - and four character classes. Are they all new or the originals plus a new one? We don't know yet. We just don't know. More details on the site. The biggest question is that what does this mean for the planned Torchlight MMO? We'll try to find out via - er - journalism. Or at least sending e-mails and asking politely.
EDIT: And news leaks out in a hefty interview with PCG. Basically, it's a different thing and a chance for Runic to wrestle with Multiplayer a little before progressing to the MMO.