This is a great game, but unfortunately it's badly ported.
From having played Torchlight in the past, I know what the game is cracked out to be. I was disapointed however when as soon as I started loading up the game I noticed the graphics were dated. The loading screen isn't even converted to 16:9 format, and as an intro to the game (as well as something you see quite often) it's attention to detail like that that just seems to get to me.
Performance wise, I find the camera angles are a no go. Maybe it's because when you play on a computer you are closer to the screen, but on my 50 inch plasma it seemed that the zoom was either too far out or too close.
There's also a slight problem with framerate. The entire game seems to be running an endless lag. At times when several creatures would jump me I would notice the framerate drastically drop to the point that is was very noticeable, even annoying.
The only advantage of the console port, is obviously the console controls. The game plays much better with 4 spells mapped to the buttons than it does on the computer, but that might just be my opinion since I really do prefer console gaming.
So what's the down-low and why did I only give the game a 5.5?
Well, besides being a great game, I really feel that the console version didn't get the love it deserved. If you still haven't played Torchlight I really suggest you pick it up on the PC instead. The console version seems to lack the touches that would have been needed on the Xbox. I mean... common.... when I feel that my Macbook Pro plays the graphics better than my Xbox... we have a problem.