Slump: Damn straight. I've been playing Torchlight off and on since it's release and I can honestly say I really only do so because of it's loot system. It's the main thing torchlight has going for it. Heck, even Diablo II and Diablo at least had some multiplayer and some cinematics to go along with loot. Torchlight is just a simple loot fest and love it.
orcishgamer: Yeah but most of the loot is so damned bad. I mean I packrat the set items like everyone else, but most of those blow too.
I also bought this game over the Steam Summer Sale. I made several different storage characters in Torchlight: one for each class, one for uniques, one for sets, one for jewelry, and one for just general storage (for newbie gear, spells, or whatever). I did find that all the storage was fairly useless, but I felt compelled to store it. I have only run through it once with a Vanquisher and retired her, so no telling how silly storage will get if I play it much more.
The one thing that was sort of amusing/annoying is the jewelery situation. I literally filled up that storage character. Then I decided to play around with enchanting... that sort of broke the game. Kinda depressing that it made 95% of my stored jewelry obsolete, but it did free up a bunch of room :P. I am sure the same would occur with other equipment items if enchanted over and over, but, except for my main weapon, I didn't find it necessary to enchant anything else to complete the main quest on Very Hard.