So here's my Torchlight 2 review in a Diablo 3 thread!
The beta has its share of bugs, but overall it's Diablo 2 with skills that scale the damage with your level. Gameplay is very fast paced and team based play is pretty fun.
The game is the most difficult hack'n'slash I've played today on it's hardest difficulty, that being Elite. So difficult you cannot play it with any kind of melee class.
Anyway, the bad:
Many, many useless skills. You pick about two skills and the rest of your points go into passives. Level cap is at 100 so you can probably max out 6 skills and have some points left over for "one point wonders". The beta ends at level 21 though.
This game does not have free respec either. In the beta you could respec up to level 10 for free. No more respeccing after that. Skills unlock at Level 1, 7, 14, 21, 28, etc. I do really like free respec options, i.e. in TQ you could buy back your skills for loads of money.
Next up, attributes: you get 5 points each level á la Diablo
Strength = +x% total damage
Dexterity = +x% evade, +x% crit rate and +x% fumble recovery
(I have not figured out what fumble recovery is in my playthrough yet)
Focus = +x% magic damage, total mana and +x% execute (chance to dual strike with two similar weapons)
Vitality = increases hitpoints, +x% total armor
So anyway, any damage dealing character wants strength, even the ranged ones. If you play the game on Elite you can totally forgo Vitality because Mobs will one or two shot you anyway.
So if you plan on playing the game on Elite it leaves you with very little choices for character builds, I did not like this at this point.
Right now HC Elite was only feasible with the Mage due to incredible amounts of long range damage and a high mobility spell. Anyone else is a glass cannon.
What I did not really like, similar to the first game, was the cartoony graphics. It turned me down back in 2004 when WoW came out. Turns me down still.
Right now there are way too many spell effects that make it difficult to see what is going on. Very confusing at times.
Also, right now what you kill stays dead forever. You'd have to join another persons game to reset an area to wipe it clean again.
Graphics, regardless of the style of presentation as this is my own taste, were alright. Definitely on par with Diablo 3, because Diablo 3 is a mess with mediocre models and blurry textures. Except for that Torchlight 2 isn't really ugly at all. It's alright I'd say.
The best thing about the game probably is the soundtrack so far, which is pretty fucking awesome.
Even though I feel that many of the skills, resistances and the attribute system are gimped in many ways the gameplay was there. It's fast-paced action especially with other people in the party. Monsters increase in strength as numbers of players grow. So Elite mode becomes a whole lot harder when people join your game.
Also, watch out for easter eggs. Like, Silence of the Lambs. ;)
I've had my fun in the beta but it was only the first act of the final game limited to level 21. I was not put down by it compared to the Diablo 3 beta is all I can say.
Things that are going to be in the final game:
New Game+: last time I've seen this was in a Super Nintendo game
Post game teleporter room: for boss runs
Many more easter eggs!
Hopefully some polish on the rough edges.
Developer tools, so you can make your Diablo on the improved engine. Torchlight runs OGRE I believe.