From PC Gamer (is this an online only mag now?) and what looks to be the official website here.
This is my favorite quote: “I think it’s probably important to mention here that we’re not aiming with our multiplayer to provide the perfectly secure, cheat free MMO multiplayer experience. The idea here is that you can play Torchlight with your friends, and you can modify that if you want to make the game with your friends all the better.”
That said, they could get some Zyel up in there!