Yeah it would be tough to match Torment's inspired visuals, but I think they can manage to make it impressive.
There's this Czech RPG that is a nice-looking modern isometric game:
http://neogaf.com/forum/showthread.php?t=469264
Not sure what the budget was on it but I can't imagine it was too high; it's an indie game from a relatively unknown dev. Smaller team sizes can lower a budget substantially, particularly if they take salary cuts as Fargo was saying the inXile guys would. This is their team: http://www.inquisitor.cz/?page=team
Wow, looks amazing. Problem with that thinking is that Wasteland 2 sort of has a deadline, smaller Indie games usually don't. I don't have the numbers, but they possibly have worked on the art assets for 5 years in that Czech game. Just a guess, but I mean they need to take the time to do that from somewhere, and with such a short development process for W2 either its lots of rather ordinarily looking items/assets or not quite as much, but with a better and highly detailed art style.
And I'd rather have more distinct items in the world than less items/assets that look better. Also, the easier the art style is to emulate, the higher the chances for getting mods that add assets content, so I am not even sure how beautiful I want it to be really. Just a handful of people who could mod a new region into Planescape Torment, whereas modding/adding assets and content for (for example) Geneforge would be way easier.
I am sure the opinions will go apart on that point, but I want this game to be as moddable as possible with as many assets from the start as possible (the modding more or less being my main draw even above the included SP campaign), and that certainly would make it easier to add content with the same art style.
Reference pic Geneforge: