Yes. Much better than the mainstream, over-hyped competition.
On its own, Torchlight 2 is a shining example of what TO DO if you set out to make a dungeon crawler game with loot and bad guys and bosses. Why?
It's set at the right price.
It doesn't feel tedious.
It doesn't feel too easy.
It has a great art style.
There's a ton of replay here.
The story... well whatever. There's enough left over from the previous game to keep it going in the sequel, for sure, but not a whole lot to be compelling or totally immerse a player into it. You don't have a water cooler conversation about the diabolical deeds of the alchemist or the heroic efforts of the other warrior guy or whomever... it's just not there, but it's enough to get by. The lion's share of the appeal of the game is the dungeon crawling anyway, not the story.
Okay, I just can't resist any more... this game makes Diablo 3 look like a second rate piece of trash.
There. I said it.
I didn't particularly like Diablo 3 in the first place, because it's got basically nothing to it, but my dislike is compounded even more-so now that I've seen Torchlight 2.
After I finished Torchlight 2 I actually said to myself, "I paid sixty bucks for Diablo 3. What the hell was I thinking?" The quality of the game, the ability to build unique characters of the same class, and a way less grindy feeling make Torchlight 2 stand above an beyond Diablo 3.
And the price! Twenty dollars! This is a no-brainer.
If you're still up in the air between these two games, your choice is actually simple. Torchlight 2 is worth the money, worth the time, and it will pay you back in enjoyment. Diablo 3 will have you hooked on grinding, auction houses, one-size-fits-all classes, and terrible appeal-to-all-accessibility mechanics which make it not only cheap, but completely fall short of the price tag.
Torchlight 2, for the win.