Torchlight 2 Announced

Following numerous teaser images over the past few days, Runic Games has surprisingly announced Torchlight 2, the sequel to their low budget action RPG which was a fantastic title. While we were expecting an announcement of the much talked about MMO version, it appears Runic will be playing to their strengths by creating a sequel.
The major addition to the sequel is multiplayer where players will be able to hook up their friends via a free peer-to-peer matchmaking service, a feature that was requested by the community when the original was released.
The new game will feature randomized outdoor areas, random instanced and persistent dungeons, new villains and monsters and more loot than you can shake your sword at. A neat addition will be a new weather system as well as time of day events.
Runic are expecting to have the game released via digital download some time in spring 2011.
Backstory
Beyond the town of Torchlight lies a world shrouded in adventure and mystery. Guardian-warrior Syl appears in a prophetic dream, summoning the player to the Estherian Steppes. There, you meet with the Destroyer and soon venture across the continent of Vilderan, an exotic frontier besieged by forces of evil. A discovery unfolds, that the Alchemist, following his conquest of dark ember, disappeared on his quest to defeat the unknown corrupted force responsible for destroying the mystical race of Estherians. Aided by Syl, the remaining Estherian Guardians, and clues left behind by the missing Alchemist, you will find yourself battling a powerful enemy that threatens to unravel the elements of the entire world.
Runic Games will release Torchlight II initially as a digital download in Spring of 2011
Key Features

Multi-player – Play with your friends over a local area network, or over the Internet. A free matchmaking peer-to-peer service lets you make new friends for exciting co-op play. 
Customizable Characters – Players create and customize a character from one of four classes available and choose an animal companion. Through cosmetic, class, and gender choices, skill path decisions, and the treasures they acquire, each character can be custom-tailored to each player’s needs.  
 Moddability – Torchlight II will release with an updated version of TorchEd, the Torchlight editor. Players have the option to create their own mods, adding even more content to the world. You and your friends can download the same mod and play together!    
New User Interface – Torchlight II boasts an entirely new, improved user interface, designed to be easier than ever for new players to pick up and play. Thanks to this intuitive interface, players have immediate access to a rich and varied world, with little experience necessary.  
Overworld Areas – Torchlight II has large randomized overworld areas to explore with weather, time of day cycles, and random events that provide players with even more content to experience.  
 Random Dungeons – Delve into randomly generated dungeons within the game at any time for extra experience and rare loot. Dungeons in Torchlight II have even more branching paths to explore with friends filled with random events, rewards and dangers.  
Retirement System – Once characters are sufficiently leveled up, they can “retire” and bestow specific benefits and perks onto new characters.    
 Pets – Players choose a pet to accompany them. Pets level up along with the player, and help in battle, learn spells, carry items, and perform a variety of support services.  
 Fishing – Fishing returns in the sequel! Players can take a break from the high-energy pace of adventuring to relax by one of the many fishing holes and see what they can catch. Fish have unique benefits for the player and pet, while a number of other rewards can also be discovered.