We didn't get to see any Torchlight II from our G-bomb guys this E3(that I could tell), but that doesn't mean it wasn't there. Other smaller sites took a look at the co-op in the game, and the link to Co-Optimus is one such take. In short, the game sounds awesome. Bigger, more open world, with open areas between dungeons, and weather effects for more atmosphere. Cinematics and more dramatic music, giving overall bigger and better production values. 4 NEW character classes that can be played as male or female. They're claiming way more highend loot sets than Torchlight :))). As of now the team is saying 8 player co-op. Host can change that. There's going to be full mod support at point of launch, so i guess that must be why they are offering the mp as the "Wild West' or 'Standard' modes. Hell it's all in the article. Check it out:

http://www.co-optimus.com/article/6232/e3-2011-torchlight-2-co-op-hands-on-preview.html

Oh and it sounds like pc first this July.

Is it really releasing this summer? Or did I just imagine reading late 2011 somewhere? Anyway, really looking forward to it!

Sounds great.
 
Hell, I'd buy a co op Torchlight 1 if they made that. (The mod for it was too buggy!)

Based on the lack of coverage I expected this to be a long way off.

Schaeffer said that the XBLA port of Torchlight slowed them down a bit on finishing Torchlight II. It was scheduled to release in May. He also said some of the stuff on the UI that they learned getting Torchlight on XBL will make it into the pc release of T2. All customizable apparently also. These guys are smart. G-bomb needs to have'em in their office for an extended preview/demo.

I liked the first Torchlight so looking forward to this one. Preview looks good, I look forward to see more from this title.

I loved the first game, i'd still be playing it now if it was Co-op.