The update sounds awesome, can't wait! Perfect timing on the announcement, too. (Not that he really owes it to the overly entitled segment of his community, but this should help make up for the lack of recent weekly updates.)
Hell world sounds like a real game-changer, and it's a clever way to address the travel issue while adding new avenues for challenge and exploration. I hope construction works as normal down there... it would be awesome to build a hell railway that can quickly cart you miles across the "real world". I also envision people creating transportation hubs with ideal teleport locations marked with signs.
Not sure how I feel about the torch thing... but it all comes down to balance (how long the temp torches last, how much perm torches cost, and whether he tweaks the cost of temp torches to make up for their nerf). The current torches are the most overpowered item in the game IMO, so I'm willing to keep an open mind.
Looking forward to seeing how he addresses difficulty and risk/reward, too.