I have a suggestion for Hardcore characters. They should add Hardcore players to the Graveyard when they die. Maybe as a mod, or it'd make a cool enhancement to an MMO version of Torchlight.
Say you had a dynamic graveyard (catacombs?) where all old characters go to die. The twist is your dead characters become the new bosses in a graveyard. Instead of heirlooms, you must battle dead character to retrieve prized possessions. Not only could it serve as a cool source of challenging dungeons, it'd also be a cool place where you could look up stats. Imaging browsing a graveyard of dead characters online where you can click a tombstone to get the stats for that dead player. It'd be a great way to immortalize Hardcore players. That way when you die, you can still be remembered as well as offer a challenge to others.
Imagine a dynamic graveyard, as in it grows as new characters get put under. The size of the tombstone (or monument) is based on the character's level. Say level 50 or less you only get a tombstone. Over level 50, you get a monument. Over level 100, you get a statue of yourself. As an adventurer, you can browse the graveyard and admire worthy heroes that have died. For the brave, you can "enter" a tomb which would take you to a mini dungeon that pits you against monsters appropriate for the tomb with the boss being a ghost of the dead character. If you defeat the boss, you collect one of it's prized possessions.
From an online game perspective, this could almost be fun. None of this resurrecting second life crap. When you die, you die. But in your death you provide a new challenge to others and possibly yourself. It'd be cool to continue collecting stats from a dead player. Just to keep track of how powerful a certain ghost was. Just like there's a ranking for live players, there could be a ranking of dead players.
Quests could also be auto-generated from such a graveyard (ie: Go to graveyard, battle ghost, collect artifact...).