Torchlight 2 has been pushed out of this calendar year, according to Runic Games co-founder Travis Baldree. Citing the need for extra polish time and the desire to run a beta before launch, Baldree says the extra time will "ensure that the quality level is consistent all the way to the end."
In the meantime, Baldree suggests playing a few other games like Skyrim and Battlefield 3. "Those are awesome games," he said. "When Torchlight 2 goes live, we want it to be awesome too - all the way through."
"The first Torchlight was released in record time, but it had plenty of issues that a little more development could have resolved," Baldree said in a statement on the official site. "We didn't have the resources at the time to give Torchlight that treatment. Right at this moment though, we do have those resources for the sequel, and we feel strongly that we should apply them to make this the best game we can make and hopefully one that you'll enjoy and continue to want to play in the future. We've probably had 18 months of full development time on it so far - not excessively long yet, as far as that goes. The amount of time we need to take it the rest of the way is relatively small."
As an added benefit, whenever Torchlight 2 does launch, it will be safe from getting overshadowed by the packed release calendar. Plus, it will hit at 20 bucks, which should be a nice sigh of relief for your wallet.