This looks like it could be really cool! I'm gonna give it a try asap. Thanks for the info, getter.
Edit: Alright, I've played through a character in this. It's pretty interesting, and I'd recommend giving it a try. It has a lot in common with Diablo, but the emphasis is strongly on magic, and all items (excluding health potions) are permanent upgrades to some character trait, usually their ability to cast a spell.
The biggest problem I've had so far is dealing with flying enemies without the ability to cast magic missile. With my first character I was able to get to the first boss, who promptly destroyed me with his high speed and attack power. Give it a shot!