Torchlight - Reviews @ RPGamer, Cheat Code Central

Two reviews for Torchlight can be found at Metacritc. The first is from RPGamer. They give it a 4.5/5. The reviewer loved the game, but thought the story was lacking. The first paragraph sums up the general theme of the review:

A Phoenix rises from its own ashes and lives another life cycle. Though Flagship Studios crashed and burned, a new studio sprung up from Flagship Seattle, called Runic Games, and put out a title Torchlight. Though Action RPGs are common on the PC, most are compared to Diablo and found wanting for it. Torchlight manages to overcome the Diablo expectations by being a game that can stand on its own merits. With phenomenal music and great art direction, combined with an addictive combat system, it's hard to step away from the keyboard and mouse after the first floor.

The second review comes from Cheat Code Central. They give it 4.4/5 and feel that it is a fine addition to the action RPG genre:

Torchlight is part of a growing market of PC games finding success with budget prices. Runic hasn't dumbed down the experience, they've removed the fluff and distilled it down to the truly fun parts. Add in a few innovations and what you've got is Torchlight; a game that raises the expectations for dungeon-crawling action RPGs by being not just fine-tuned but affordable as well.