The guys at Mana Pool have given Soldak's Depths of Peril the review treatment, in which they conclude with an overall score of 7.0/10 and the following paragraph:
Depths of Peril is an excellent start of something that could become a true gaming classic. What it really needs is a sequel with a bit more consideration to the random landscape and dungeon level generation, and more smooth-flowing combat. Torchlight provides an excellent example of something that can feel a lot more fluid in that regard. Combine such gameplay with the concepts Depths of Peril brought to the genre and you would have something truly amazing. For now, if you can pick this up for a good price it's worth having a go especially if you like the genre. As far as loot-fests go, this is definitely one of the more interesting games out there!