Gundato: Aye. I grabbed Torchlight a few weeks ago when it was for $10. Very fun.
Usually I dislike the diablo-clone genre (I like roguelikes, but I don't like mindless clicking). Torchlight is pretty fun though. And I vaguely recall reading that we'll get the "MMO upgrade" for free?
Sort-of. It's not so much an 'upgrade' as it is the MMO client will be available for free and contain microtransactions for dungeons/regions you can invite your friends to, i.e. only one person needs to have paid for the map, etc. Of course it's still about two years away and the pricing scheme can change.
In the interim, according to Ron Gilbert, Deathspank is pretty much complete and in a beta/bug testing phase. Could possible be out in the Spring.