new stuff:
fixed sound effects for a large number of quest items and keys for better consistency
added distinct sound effects for special items used within phase beast quests
more varied treasure—and horrors—to be found at the netherrealm altars
spider mines sometimes inhabit the inner workings of vault lights and sundials
corrupted by blood ember, the blood monkey can quickly turn your battlefield against you

tweaks:
incorporates updated bugfix (v.4)
crates and barrels break into splintered boards less frequently
one type of doorway boards couldn't be attacked; fixed for consistency
frogs vary in size, are more vocal, no longer appear in netherrealm
those swarms of little spiderlings that emerge from breakables aren't always harmless
ichor pods now have their own drop tables for more appropriate critters and varied loot
fewer random goldfish drops: just urns (rarely), fish urns, barrels, and boats
flame ember drop slightly less frequently from bowl braziers
urns-o-teeth now only appear in the cemetery (less creepy somehow)

new stuff:
new breakable, baskets, make an appearance (used assets from Torchlight 1 to get them to show up)
spider eggs or unique spider weapons can sometimes be found with webbed victims
the rare candelabra may be found fashioned from a polearm
meat sacks found outdoors have similar loot to those in caves, plus replicating corpse gnashers
incorporated bugfix mod which restores the Act IV banner and other minor fixes
more distinct sound effects for rings, amulets, pet tags, and gems
(used the less compressed versions of these sounds from the first Torchlight)

tweaks:
fish urns drop fewer but more unusual fish, which provide buffs instead of transformation
merchandise found in barrels and crates will always be the same type (e.g. all boots)
slightly more varied drops from weapon and armor racks
shields now appear on armor racks instead of weapon racks, and won't drop from cursed weapons

new stuff:
common breakable items have less random loot, with fewer but more specific drops
barrels and dinghies may contain abandoned shipments of certain merchandise
you never know what you'll find when you disturb a rotted out trunk
cemetery urns may contain cherished mementos such as a pet tag or ring
search the remains of smashed barrels and crates for additional loot
netherrealm flytraps (ichor pods) have been catching more than flies (don't breathe the ichor!)
mired in a mucous mound? don't stick around, leave your boots and run!
siege guardian pillars that start fully intact will produce lootable debris on demolition
fish urns are highly prized—their magic can keep seafood fresh indefinitely

tweaks:
dinghy boards can now be smashed by hand to avoid targeting problems
dessicated corpse mimics are a bit stronger and now usually have no loot if animated
meatsack may be home to a greater variety of spiders, chance of goldfish
urns store gold, potions, and trinkets... and just occasionally much nicer treasure
removed level bonus from guard armor to keep it useful for new characters, boosted magic instead
bittersprite balancing: improved AI and movement and reduced overpowered armor
for better realism, TNT barrels explode (60%) or drop dynamite (40%); improved the effects

splintered boards no longer obstruct movement and can be smashed by hand rather than attacking
splintered boards now have their own loot, and can break apart into additional splinters
lights in the forest run on venom ember but get their characteristic rejuvenating hue elsewhere
fungal vents can be harvested for antivenom and venom ember in addition to their normal loot
as adventurers have learned its value, the bittersprite has become more skittish

a distinct ivory color now sets apart the tooth and bone drops
armor racks will now appear randomly throughout the game like weapon racks

vault lights appear to be powered by spark ember, the tricky part is removing one intact
dead guards and infantry are a grisly but reliable source of used armor
thoroughly checking the remains of a wooden barricade may reveal hidden treasure
the burning house in echo pass rains down debris which can be searched for loot

mimics have been feeding better lately, as the bones of their victims can attest
no stone left unturned when smashing stone artifacts (no debris left behind)
blue organic lights no longer produce rocks when smashed—perhaps an ice ember if you're lucky
fire elementals were too rare to be a useful source of fire resistance potions; added to powder kegs
the quality raw materials in sundials produce consistently higher value gold drops
mundane items (rocks, etc.) less likely to drop two gems at once; they'll appear elsewhere

incorporated true mimic which makes mimics indistinguishable from their lootable counterparts
dessicated corpse mimics hit a little harder, just to make sure you're paying attention
chance of mana potions from the hidden cache at the start of the game
added a fourth, and slightly more interesting, bone recipe for players to discover
added another Runic easter egg—with new flavor text—that has a small chance to drop with scrolls

cursed swords possess the same quality weapons found on the racks
lubricant from shock turrets can serve as an insulating balm
the essence of a fire elemental can be used to impede deflagration
skara eggs have been reported to contain rejuvenating properties

bowl-style braziers can turn out to be a round shield, and rarely, a fire ember