Torchlight 2 was just announced today. There's not much information yet, but I'm as excited as a kid in a candy shop with a credit card! 
http://torchlight2game.com/
http://www.pcgamer.com/2010/08/04/torchlight-2-interview-with-runic-games/
TL2's main updates are...
http://torchlight2game.com/
http://www.pcgamer.com/2010/08/04/torchlight-2-interview-with-runic-games/
TL2's main updates are...
- A real story... they even hired a writer!
- Weather and day/night effects
- multiplayer over LAN or Internet
- Overworld, that is, mountains, and valleys, and not just mines and caves
- Refined UI
- 4 new classes (the old classes are NPC's)