Wishbone: Torchlight is sort of Diablo 2.5. It borrows heavily (
heavily!) from Diablo 2 in regards to gameplay and interface. Then it adds some features which are nice, and some features which are entirely pointless. It has a lot less content that Diablo 2, and while the story and cutscenes in Diablo 2 were fantastic and really drew you into the game, the story in Torchlight is very shallow and won't make you care at all. Also, in my experience, the game is rather unbalanced, the difficulty wavering all over the place, and if you have invested your points in the wrong skills, the final battle is impossible. Of course, the game gives you no hints about what skills are the right ones.
Generally, I found Torchlight to be a disappointment, not because it's a bad game (it isn't), but because it had the potential to be a much better game than it actually was, if only a bit more work had been done on it.
Honestly, the cut scenes added very little IMHO to Diablo 2. And seriously, the story? Diablo 2 had a plot line so vapid that it would make the writers at iD blush. OK, that's an exaggeration, but I've played FPS games with better plot than D2.