According to Joystiq, Torchlight II will be released at $20 and the final class for the game has been revealed. The Embermage. You will be able to play offline singleplayer and multiplayer online or through a LAN. And here's an image for the Embermage.
I'm glad to hear the price is very reasonable. The amount of content in the first game was what brought me back to the game time and time again, and I can't wait to do it again with Torchlight II.