While CEO Max Schaefer had already hinted at a possible console version, at GamesCom Schaefer stated that Runic Games hopes to have it available on PSB/XBL by the holiday season.

Torchlight is developed in Seattle team by a veteran team composed of the designers and leads of projects like Diablo, Diablo II, Mythos, and Fate. Our team has spent many years honing and evolving this unique style of gameplay.

The adventure is set in the mining settlement of Torchlight, a boomtown founded on the discovery of rich veins of Ember - a rare and mysterious ore with the power to enchant or corrupt all that it contacts.  This corruptive power may have dire consequences however, and players set out into the nearby mountains and depths below to discover the full extent of Ember’s influence on the civilizations that have come before.

Runic Games will initially release Torchlight as a standalone Single Player game, and then work will commence on a fully-featured MMO version.

Single-Player Version

Players will choose from among three character classes, and venture from the safety of the town of Torchlight into randomly generated dungeon levels, with a huge variety of creepy monsters, endless variations of loot to find, and quests to complete. The endless randomization ensures a long-lived gameplay experience.

Key Features:

1. Randomization – Our level layouts are randomly created, so each adventure is unique. Monsters, treasures, puzzles, and items are also different each time you embark on an adventure.
2. Easy, approachable interface – Torchlight is designed to be easy to play right from the beginning. The intuitive interface gives players easy access to a rich and varied world.
3. Retirement System – Once characters are sufficiently leveled up, they can "retire" and bestow specific benefits and perks to new characters.
4. Pets – Players will choose a pet to accompany them. Pets can level up along with the player, and will help in battle, carry items, and perform a variety of helpful services.
5. Character Classes – Players will create and customize a character and choose an animal companion. Through cosmetic choices, skill path decisions, and the treasures they acquire, each character will be custom-tailored and different.
6. Fishing – Players can take a break from the high-energy pace of adventuring to visit one of the fishing holes and relax and see what they can catch. Fish have interesting benefits for the player and pet, and other rewards can also be discovered
7. Included Editor – Runic Games is embracing our modding community by including an editor so our players can create and design their own content. 

MMO Version

The Torchlight MMO expands on virtually every aspect of gameplay. While maintaining the fast-paced Action RPG gameplay style, Torchlight will introduce many traditional MMO features and an expansive world. Like the other Perfect World-published MMOs, Torchlight will be "Free-To-Play." Players can earn and spend money to upgrade a large variety of items to enhance their game play experience through an in-game item shop.

Published by Perfect World, the Torchlight MMO will offer a rich social environment where players can adventure together in a contiguous over world environment with many different dungeon types to explore. Populated by a diverse and colorful set of vendors, quest-givers, and town elders, players will learn about the rich lore and history of Torchlight and the surrounding Ember veins, and set off on quests and adventures that reveal the secrets, dangers, and long history of the magical substance.

Key MMO Additions

1. Expansive World – Large overland areas and deep, randomly generated dungeons offer a variety of exploration and adventuring opportunities.
2. Customization – The level of character customization is upped significantly in the MMO, with more class choices, looks, and options which allow a truly personalized character.
3. Territory Wars – Torchlight will take advantage of precedent set by other Perfect World MMOs and offer weekly battles for territory, with winners receiving significant rewards.
4. Mounts – Large variety of mounts to assist in navigating the world.
5. PvP – Torchlight will give PvP fans a variety of constructs to determine just who the mightiest warrior in the land is.
6. Social Features – Marriage systems, buddy lists, chat features, and world events will all create a rich social environment never before seen in an action MMO.

Torchlight is available as a fully downloadable game for US$19.99.