Borderlands
I'm not quite sure how else to put it - Borderlands is the new Diablo II. Single-player is workable, but generally dull and lonely. Online co-op is seamless (when it works, which is most of the time) and a total fuckin' blast. And once you finish the game, you can play it again on Second Playthrough, where everything is even more ridiculous!
The level cap (50) seems on the low side, but there is more than enough weaponry to keep things interesting well beyond it. The skill trees also give way to some pretty interesting variety, and one great difference between Borderlands and Diablo is that you can easily change your skills as many times as you want.
Each of the four characters can play pretty differently, but I really like all of them. And what's great is that, although they have particular talents, there aren't any character-based restrictions: any character can use any kind of gun. Seeing as there's a functionally infinite amount of different guns, this makes for an awesome level of freedom in how you can shoot things.
I'm sure it'll get old eventually, but I've been playing it every night since last week and it still hasn't. Admittedly, my level of enjoyment is directly dependent on the fact that basically everyone I know has also picked the game up. Apparently it's doing very well!
Progress: Level 46 Berserker