An important update for Torchlight has been released, but it only works if you bought the game directly from Runic Games.
The patch fixes a number of critical issues -- long load times, missing save games, and others -- and includes many balance tweaks and even a few enhancements.
In addition, the patch requires you to uninstall Torchlight completely. Be sure to back up your saved games. If the uninstaller asks if you want to delete your saved games, leave the option unchecked. Read additional instructions and information in the complete patch notes.
This 418MB patch only works on the game if you bought it directly from Runic Games. If you bought Torchlight through Steam or other digital distributor, you'll need to wait for them to release and distribute the patch through their service.
You can download the Torchlight patch here.
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[Graphics provided by Runic Games]