So yeah, looking for a game with similar mechanics, setting and with isometric camera angle. I have Torchlight and am looking into the Diablo series.
But please do post suggestions.

Din's Curse is pretty cool - it's an indie Diablo that "fights back", so to speak. Check it out.

Sacred Gold would be my first suggestion, about as close as you can get. Only negative is the respawn but you soon learn to use that to your advantage.
The Witcher EE my second suggestion. The 1.5 patch removes the DRM, download the Director's cut patch and the uncensored patch as well. You can pick it up for under $20 nowadays.
Sacred will run on most anything, The Witcher needs some horsepower . . . =)
Edit: added links

Titan Quest is also a good Diablo clone. made by THQ. It's fairly new too and has pretty low system requirements. I think it's now a $20 budget title too. Well it is here in Australia. You can also get the expansion pack for it called Immortal Throne. Be awesome if it gets released on GOG

If you've played neither of the Diablo games, I'd advise to do so soon since Diablo 3 may be released sometime next year. All of the Infinity Engine games(Baldur's Gate, Icewind Dale, and others) have an isometric view but are not hack and slash like Divine Divinity.

An offbeat title named Eschalon is very similar, although much smaller.

Torchlight was done by some of the same people who worked on the Diablo series. Torchlight resembles Diablo ! in structure. Diablo 2 Lord of Destruction is an essential experience for any hack and slash gamer.
Just me, though, I could never see the point of going through the story sequence more than once for each character class. D2: LoD is now at patch 1.13. Worth playing because D3 will be out another year or two.

Thank you all very much for your thoughts and replies. So far, I am looking into Din's Curse, Sacred Gold, Titan Quest, Eschalon and of course, Diablo! I can't wait!

I thought I would mention that Sacred Gold has compatibility issues with some integrated Intel graphics cards.
I have it installed under both a Nvidia and an ATI card with no problems at all . . . =)

Thank you for the heads up, but my PC is AMD. :)

actually from my experience Icewind Dale IS a hack'n'slash/powergaming type of game like DD. You kill tons of monsters through many dungeon levels... there's a bit more roleplaying than in Diablo but you have that in DD too!

Titan Quest is fabulous. I think you can get it with the expansion for 10 bucks on dics, but digital versions cost more for some reason. Maybe there's some weird licensing issue. In any case, I would be quite pleased with GOG if they landed Titan Quest at some point. It's a cool Diablo clone with nifty character building options (every character is a hybrid of two out of eight base classes; synergies, ho!).

The world and plot were really dry, so I wouldn't compare it to Divine Divinity in terms of personality and general shmaltz. Titan Quest is pure dungeon crawling.

Some of the maps are annoying, but I was able to forgive that. Some skills aren't viable no matter how much you pump them - it's too bad Iron Lore isn't around to do balance patches.

titan depoenbds if you go for the sp or mp. I played it mp onced and there are lot of cheaters there

I never played multiplayer on Titan Quest but it's a shame people cheated on it. I think Titan Quest also has a really good map/level, character and item editor but I never got a chance to use it yet.