A reasonably good timewaster, for a reasonable price ($20 US), but not much more than that.
Torchlight adds a couple of minor additions to the Diablo formula but they don’t enhance the gameplay significantly. Graphics are definitely better than Diablo II, but are still stuck with the same isomorphic perspective. Finished in about 18 hours and, with no chance for multi-player, unlikely to have much replay value.
Summary: Don’t buy this, unless you need a Diablo fix.
Rating: 7/10, but it gets an extra point for being a budget title.