Well, because I suck.
There's a bug in enchanting in 1.2 preventing items from using their proper level to determine enchant level in town.
I didn't nerf it as bad as most feared, but I DID break it, so you can give me a good smacking-around in this thread.
CURRENT STATUS
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Runic hotfix is available here
DO NOT USE THIS UNLESS YOU PURCHASED TORCHLIGHT FROM RUNIC GAMES! It won't work for any other partner build.
http://www.torchlightgame.com/download-1.12b-hotfixRunic full download is also available at
http://www.torchlightgame.com/downloadThis zip contains the updated executable. You'll need to unzip this over your currently installed Torchlight.exe
Note that we are in the process of updating the full build download link, but have not completed the upload yet ( takes a while to upload and deploy )
I'll post that it has been updated here as soon as it is live. That will take care of new users, or users who are uncomfortable with dropping a new exe over their old one.
Note that this should NOT require re-entry of your activation key!
* Steam hotfix is 'officially' live. Now you don't have to do anything funny! Hotfixed builds have been given to every other partner as well as of yesterday.
* Perfect World hotfix is already implemented in their version of the patch.
Travis