Sacred 2 is fairly recent and halfway decent.
Borderlands, while a FPS, scratches that loot & level-up diablo itch.
Avencast: Rise of the Mage doesn't have as much loot as other games listed, but it does have a pretty unique spell casting system and is very overlooked by gamers. It's a pretty good game and even has some nice puzzle elements.
Fate: The Cursed King is the newest in the Fate series...it adds a few things though is largely the same game. If you liked Torchlight, there's a good chance you will like Fate since they share a common designed.
Din's Curse is recent, but it's pretty indie and graphically isn't great. With that said, the gameplay is really cool. It's probably one of the best interpretations of old school rogue-likes into a 3D full action game. Tons of random elements, random maps, random quests, traps...it's pretty cool if you can look past it's ugly graphics.
Lord of the Rings: War in the North is like Baldur's Gate: Dark Alliance if you ever played that on the consoles. It's pretty good if you really like loot, but it has some flaws too.
An older game you might want to consider is Divine Divinity. It's not 3D, but the art is excellent and the game itself is wonderful. Like a mix between Diablo and a more traditional RPG.
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