The company hopes that the console versions are ready "by the holidays," but nothing is set in stone at the moment. Runic is also developing a sequel, which will include an expanded game world and cooperative multiplayer. It is scheduled for release in 2011.
As for Torchlight II on the consoles, Runic will "try" after the game is released. A free-to-play MMO version of Torchlight is also in development, but will be released after Torchlight II.