When is Torchlight coming out?
The press release is a little misleading. There is actually a single player game (the game shown in the screenshots) being developed alongside the MMO. The single player game will be released this year and the MMO in coming years. They are separate games but in the same world.
How much will it cost?
We have been told that they want to sell the single player game for around 20-30 dollars (US) and mainly have it be available via online distribution. No details on the MMO have been released yet, but when the team was working on Mythos they had a free game with an online store planned for fun items that would give anyone an unfair advantage.
Who are Runic Games?
Runic Games is a team composed of the people who formerly worked on Flagship Studios’ unreleased Mythos. The team was located in Seattle while the San Francisco team worked on Hellgate: London.