I don't think I'd say it's 'most of the team' behind Diablo 1 & 2. It's most of the founding members/executives of Blizzard North...(who used to be another company before Blizzard bought & renamed them) they went from Blizzard North to making Flagship Studios (Mythos & Hellgate: London) and then teamed up with the guy who made Fate (which is what Torchlight looks a lot like) to create Runic. Or something like that. So it's not like you're taking Blizzard North wholesale & immediately dumping them into Runic. Different team and minds.
I don't know if you ever played Fate, but Torchlight is basically Fate but with a lot more Diablo/action-rpg touches. The pets, the fishing, the cartoony look, the item enchanting method (complete w/ability to over abuse it, lol) etc...all Fate.
Well, Runic Studios includes at least Matt Uelman (the audio composer for Diablo 1), Kenneth Williams (designer for Diablo 1, producer on Diablo 2 and LoD), Max Schaefer (designer for Diablo 1, designer for Diablo 2, executive producer for LoD), Erich Schaefer (lead designer for Diablo 1 and Diablo 2), Peter Hu (lead programmer on Diablo 1, Diablo 2, and LoD), as well as the entire team of Flagship Studios Seattle.
So sorophx, maybe if Runic were rolling in the cash and free-time from the success of Starcraft and Warcraft like Blizzard was they'd have been able to live up to your expectations, but as it stands I think you'll have to wait for Torchlight 2 for that.
Although Runic made Torchlight as a spiritual successor to Mythos, not Diablo. Though clearly Torchlight is strongly Diablo-inspired by proxy.
Speaking of fantasy gunslingers, I think I'll go play Septerra Core.