I'm of the opinion that hack 'n slash action rpg's works best on consoles - my hands hurt after too many hours of diablo, but the baldur's gate dark alliance, fallout and champions of norrath games on PS2 - which are basically diablo clones, (especially the first BG: Dark Alliance game which has ripped everything from diablo 2 except the lenght, the game is ridiculously short and linear) plays really well with the ps2 controller.
But still, I liked the Torchlight demo, and will probably buy the game once they start selling the physical product. I like having the game box, and think Steam is pretty stupid. Twice the price for games you'll lose the moment someone manages to crack your password or Valve goes out of business. It's ridiculously similar to Diablo, yeah sure, the same people made it, but the town music is not much more than a remix of the tristram song from Diablo, the UI is identical ... there is no innovation whatsoever, but still I did enjoy playing it.