I recorded quite a bit of footage for my Torchlight II preview, but could only fit one video in, so naturally the honours went to the long clip on Veteran difficulty. It's not terribly challenging, as noted, so if you're curious to see how much the game changes on Elite, check the leftover footage below:
As you can see, potions run out quick, and sometimes you've got to run and hide like a bitch, lest the baddies get you. With an actual threat of death in most fights, it makes the game significantly more exciting, and somewhat tactical.