Yes, it is TONS OF FUN!!!! It resembles the games you speak of, quite nicely. I find D2:LOD much more addicting, though. I mean, take a look at how long I've been playing it, and it's still not getting old to me. I started probably 6 years ago, and played my guts out for about 3 years. Then the game kind of faded into an every other month play for about a year and a half. Now, 1 1/2 years later, I'm back into it. I played it for 28 hours this past weekend (just saturday and sunday). That's an addiction, my friend.
Forewarning: 1.10 might look nice with all the new skills and cool updates for items, but be warned, it's a TON harder to play now. Especially since you can't get help from much level higher characters.