On their blog, Runic Games reports:
It’s here! After lots of packaging, tweaking, and testing, we’re rolling out the new Torchlight II editor – GUTS…
GUTS is our in-house development tool. It lets you modify almost everything about Torchlight II, from item and skill balance, to level layouts, animations, quests, and much more. GUTSmods can be shared with your friends, and multiplayer games using mods can be found in the modded games lobby. In addition, A new launcher lets you customize which mods are currently active.
When playing modded games, you can view your mod history, any previously played mods, and the impact disabling mods may have on your character.
The also mention that Torchlight II now has full Steam Workshop integration:
Torchlight II now fully supports Steam Workshop. Steam Workshop integration allows for automatic mod subscription and synchronization for any mods hosted on the Workshop. When playing Internet games you will be able to filter modded games by mod combination in the lobby, and with a single button click, subscribe to those mods. Torchlight II will then restart, synchronize and activate them before returning you to the game.
Rob was asking me what Steam Workshop is, and I think the above description explains it succinctly. A lot of games are supporting this now. Installing mods has never been easier (or simpler). All you need to do is “subscribe” to a mod, then turn it on or off on a menu in-game. That’s why all my Frintiersmen in Natural Selection 2 sport the Colonial Marine armor paint. 
Why so serious?
Anyhoo, damn cool.
-ty
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