In the interest of being fair, let me say that I've got Torchlight up and running on my PC. After thinking about it, and checking their support forums, I found that there were two issues. One was that the installer puts MS C++ Redistributable 2008 on your PC even if you happen to have that same redistributable or, in my case, a full version of MS C++ 2008 installed already. That was creating the Buffer Overrun error. I fixed that by removing the redistributable that the installer had put on the machine. The other was that good ol' Norton was detecting the program as some kind of threat and not allowing it to connect to the internet for program registration. I can see why it might do that, I've seen it happen before with small press applications. But what bugs me is that Norton Firewall would then decide that ALL attempts to access the internet were malicious and thus, I would be unable to access the internet with any program after trying to start Torchlight. Which would lead to a shut down, and all the rest. I got around that by turning the firewall off long enough to get the thing registered, then put the firewall back on (so I wouldn't get caught with my electronic pants down). Fortunately, the program does not access the internet other than for registration, so it doesn't keep hanging. Also fortunatley, it looks like the developers are already working on a patch that may address this or other issues.
So far, the game seems quite enjoyable, but I haven't gotten to play it much because I spent all my playing time getting it to run. But I have played it enough to know that it does not suck (so far).