As noted in our story about theof Torchlight 2, Runic Games was originally proposing an MMO tie-in to the game rather than a direct sequel.
The developer has confirmed to IncGamers that this MMO version is still in the works, but will now be completed and released after Torchlight 2. “Development [of the MMO] will continue after TL2 is out on both PC and Mac next year. It’s still in the pipeline, but this project will be out first,” Runic told us.
Runic’s CEO, Max Schafer has also been talking about the sequel and it’s impact on the MMO, stating “We still are going to make the MMO, but it became apparent that Torchlight 2 was the logical next step for us given the phenomenal enthusiasm of gamers petitioning us for multiplayer.”
According to that same piece, Runic has plans to take Torchlight 2 to both GamesCom (August 18-22) and PAX (September 3-5.)