Steam is the best thing to happen to PC gaming in a long time.
And way to go. You totally backed up that statement by listing all of the features and benefits I get with Steam. Again, outside of the friends list, Steam offers nothing of real value.
I wouldn't consider my connection crappy, it generally runs around the area of 7mbps down.
Steam will disappear sooner or later. It will be changed or "upgraded" to something not at all like it currently is. Valve could go out of business and someone else could buy the entire thing and start charging you per hour to play the games you've downloaded. There are thousands of possibilities. Will it happen any time soon? Probably not, but one day it will. That's the problem with not having control over what you've purchased, you're at the mercy of someone else.
If you want to
license games with nothing to show for it other than a Steam user name, then go ahead. It doesn't bother me. I however will continue to accumulate discs, so that a decade from now, if I want to play a game, I can without worrying about what's happened to the authentication servers and why the underlying DRM won't install on my modern operating system. Putting faith in a company, any company, is a terrible mistake to make.
Now that we've established that (thanks for dragging it out, by the way), we can get back to the topic at hand:
Torchlight. I really wish it had multiplayer. I'm not too thrilled about an upcoming MMO based on the property, but would be excited to play this over the LAN with a few other people. Sadly, I don't think anything will ever have the feel of Diablo... Hell, even Diablo 3 looks to be more akin to WarCraft than anything.