I played online yesterday.
Hacks are not a problem at all; you can play without !!! A dedicated server isn't a solution against hacks, see D2.... So many hacks in there !!!! ( yes, a lot of !! from Maphack to last Matrix... Try to count every hack released on D2, it's amazing.. LOL). IF YOU REALLY WANT TO PLAY LEGIT, YOU CAN !!!
BUT the real interest of this 'non-secure' multi-game is that the game will have INFINITE lives, I mean, you can (yes, you) create your own map and play it with your friends on the net. Plus, you will be able to make MODs, and, by this fact, discovering new items/monsters at any time.
This game shall live a long time....