I can't avoid making reference to Diablo 3, since the two are so closely related in style and release date, but I only want to say one thing: Torchlight 2 doesn't feel like a budget Diablo 3. It may be priced at a third of Diablo 3's download, but it holds its own. While Diablo 3 remains grimy and grim, perhaps seeming more mature by being so, Torchlight 2 simply celebrates its colourful excess.
For example, just before sitting down to write this, I cut down an army of increasingly powerful undead creatures, all summoned by a giant glowing obelisk. The last of them defeated, the obelisk manifested surrender by suddenly regurgitating a stream of twenty different magic items, vomiting them into the air like a violently ill volcano. I didn't bat an eyelid, simply filled my pockets, patted my pet and turned the corner to find the next, undoubtedly bigger experience, cackling as I went.