I've got one guy saying my ancient craptop might still be able to run this game, based on its undemanding sys reqs, and another guy saying the RAM required for this game exceeds the physical capabilities of both the 360 and the PS3. Only one of you gets to be right.
My own research seems to indicate that the game does indeed exceed the XBLA (not "the 360 and the PS3") RAM limitation, which also means it probably wouldn't run on my ancient laptop (which could only barely handle the first game). This RAM limit, however, is probably not physical but arbitrary, defined by Microsoft based on their own fiscal goals and how they think XBLA ought optimally to function.
But then what about this: What if they released Torchlight 2 for download not as an XBLA title, but as an On Demand title? Straight-to-On-Demand, never having touched store shelves. An impossible, unprecedented move that goes against everything Microsoft stands for ($$$), but ... theoretically conceivable. As in: I wish Runic would look into it.