Schaefer did admit that the MMO isn't a solid lock as of yet. When asked about the next step after Torchlight II, he said, "We don't know what we're doing in the MMO next or ever or what. That's kind of the big plan is to keep expanding the Torchlight world."
He did confirm that a Torchlight MMO would be an action RPG and not a standard MMO setup. "We would not want to do a traditional at all," Schaefer said. "We'd adapt it in many ways to Torchlight. It'd be an MMO in so far as everyone's playing in the world of Torchlight, but it may radically different. I think it would keep our creativity alive, not just to do traditional MMO."