I'm a huge fan of the Diablo series which perfected the Hack n' Slash genre.  Torchlight is simply doing the same thing Diablo did, just with a little more cartoon like graphics and much shorter.  Although that is expected because it's a Xbox Live Arcade game. 

It really does well in the loot aspect which should be in every hack n' slash game.  There's plenty of it, plenty of items, and plenty of different uniques, and of course the returning different colors to signify what's rare and what's unique etc.  It also has quite a large skill tree for the classes for such a short game.  It has the 4 basic stats just like Diablo.  It has the nice gorey effects when you destroy a monster with a critical.  Essentially it is Diablo all over again, just a different story.

Although it has plenty of pros the one con that kills it is a short story.  I haven't completed it yet but I've heard around 5 - 7 hours depending on the difficulty.  On that note the first 2 difficulties are a complete joke.  You can run through the game not even using your skills and changing your weapons out here and there and not die on the default difficulty. 

But, the pros outweigh the cons and if you like Diablo, torchlight is a must get for $15 dollars.