I was a big fan of Torchlight and while the fans (myself included) patiently wait for Torchlight MMO; this will definitely tide us over until then. The wave of support from the original, both popular and critical, has not really died down too much - demonstrating the kind of legs this game has*. This, along with a strong user community, has produced a perfect storm for the franchise. Today's announcement enhanced that storm - perfect timing with GamesCom right around the corner. I'm sure we'll find out more then as the nitty-gritty details are still scarce. I, for one, already see this as a pre-order opportunity that cannot be missed.
Hopefully the sequel of fans' dreams, Torchlight II is slated for a spring 2011 release. Until then, their dreams will be of a future full of happy Co-Op multiplayer action.
* - Though semi-annual $5 sales don't hurt either. ;)