Graphically, the game is nice and is not too gruelling (I'm using some three-to-four-year-old parts and doing alright). HOWEVER: the lack of the offline single player kind of kills it for me. My internet connection can be spotty, and during the first week or so the servers were having issues which meant I couldn't even log in and show my skeptical roomate gameplay and characters. For 60 bucks, I don't really think the game's worth it. 30-40, maybe.
The "dumbed down" gameplay that people are complaining about I think is a lie. The game plays as a dungeon crawler should, and the "lack of choice" is also a non-issue. You get plenty of choice, without having to incrementally build up bonuses. Honestly, both ways work fine (you never use more than half a dozen thingies normally anyways).
That said, Torchlight 2 is coming out in a few weeks. 20 bucks, offline single player, and developer mod support. It even kinda looks like Iron Kingdoms.
It's a secret to everybody.