I just tried the demo and it's really awesome. I'm liking it a lot everytime I play it. I'm going to buy it shortly. My brother also loved it. Hopefully they're actually working on co-op feature... it'd be great.
I just looked Runic Games up and realized the studio's in my area.
I think it's expected to play similar to Fate since creator of Fate founded Runic Games and all ex-Flagship people joined (also they worked on Mythos) to create this Torchlight game.