I have been following the development of this for a while and I would like to correct a few misconceptions.
Bah, if this was only multiplayer I'd be all over it. Hope they get that MP version they were on about out pre-xmas, but I can't see it (assuming it's going to be torchlight with MP elements).
No MP at all. Torchlight is a single player game. The MP version will be a MMO due for release in 18 months (although I would take that figure with a pinch of salt this far out). The devs have said that they will move to the MMO immediately after release and not develop Torchlight any further.
They are also releasing the level editor for it.
Its not a level editor as such, they are releasing the full tools used to develop the game in the first place, so you can change or add classes, skills, spells and items, completely change the look or how the game plays, just about anything you can think of.
Runic aren't going to host mods themselves (for legal reasons) but there are 2 fan sites (that I know of) being set up for mod hosting
here and
here.
Also the developers are posting regularly on the official forums with information and tips.
be interesting to see how much as the game's website mentions $19.99. Prolly will end up £19.99.
The UK price I heard was £12.99, but the game is only digital download initially, although there will be a boxed version in the new year. It will be available from the Runic website so you should pay $20 plus bank fees. It will also be available from Perfect World, Steam, direct to drive and others.
The best bit is you can download the demo which is the full game, play it and if you like it then pay for an unlock key to get the full game (no further downloading needed).
BTW, checkout the latest promo on
youtube 
(if you are at work be careful). The girl in the white top is actually a staff member at Runic (posts on the forums as 'Wonder')