Torchlight II too large for Xbox 360, exceeds memory limits
Would require a redesign from its current state
Torchlight II is scheduled for release later this year on PC but if you're expecting a console release like what was done with the original Torchlight, that might not be possible. In its current form, Torchlight II can't be ported to Xbox 360 due to exceeding the console's memory limits.
According to Runic Games CEO Max Schaefer, an Xbox 360 port of Torchlight II -- as an Xbox LIVE title -- can be done only if it the game gets a hefty redesign since it has so much more content than the original Torchlight. Torchlight itself barely managed to fit within the 360's memory limits.
Still, don't give up on not seeing Torchlight II on a console. Given Torchlight's success on Xbox LIVE, Runic Games hopes to bring Torchlight II to consoles in whatever manner possible though there are no plans for porting yet; Runic Games is currently focused on finishing the PC version of Torchlight II before moving on to the Mac version.