dtgreene: Out of curiosity, how effective (for either game) are magic focused builds? Are pure mage builds (that is, no boosting offensive stats except the one(s) used for magic, and no spending skill points on non-magic active skills) viable?
I have a level 6 magic user (Embermage) with everything put on Focus -- the stat for magic -- and she's definitely viable. I honestly think pure Embermages feel more balanced and reliable than the Alchemist from the first Torchlight. I highly prefer my Embermage over my Engineer, for instance.
In the first game, all classes are, in my opinion, too overpowered, and the Alchemist is no exception. You can spend all your points in magic skills alone and he'll do just fine, powering through the hordes of enemies from a safe distance like it was nothing, especially when you get that Ember ray spell.
N.B.: I did spend a point or two in Vitality, since I don't want my Embermage to be too much of a glass cannon.