According to the list on the Torchlight wikia:
Fish sizes
Normal - Transform for 5 minutes
"Big" - Transform for 15 minutes
"Giant" - Transform permanently, until another fish is consumed. If this is a non-permanent fish/egg, then after that one expires your
pet is transformed back into its original form.
Fish Types
Jackal Bass - Transform into a Jackalbeast.
Largemouth Bass - Transform into a Mimic.
Warsnout - Transform into a Warbeast.
Tunnel Shark - Transform into a Molebeast.
Web Fish - Transform into a Spider.
Flying Fish - Transform into a Swampflyer.
Bonefish - Transform into a Torso.
Crab Egg - Transform into a Crab Warrior.
Vampiric Spider Egg - Transform into a Vampiric Spider.
Transformation effects
Jackalbeast: Increase poison armour by ~100% and grants a small amount of poison damage.
Warbeast: Increases base average damage by ~85%.
Spider: Grants immobilizing web attack.
Mimic:
- +25% physical armour
- +66% elemental armour
- +50% HP
- +33% damage (base)
- +90% Interrupt Resistance
Molebeast: 20% chance to Stun target for 3 seconds
Swampflyer: +33% Attack Speed
Torso:
- +20% damage
- +60% elemental
- +25% HP (base)
- Shreds armour
Crab Warrior:
- +100% physical armour
- +100% elemental armour (base)
Vampiric Spider:
- Attacks steal life for you.
Other fish (direct effect on pet, or misc.)
Frenzy Fish - For 5 minutes gain:
- 33% Faster Movement
- +33% Attack Speed
Gold Fish - Not pet food. Just sell it.
Prismatic Morey - For 5 minutes gain the following:
- +25 Critical Hit Chance
- +100% to Fire Damage
- +100% to Poison Damage
- +100% to Ice Damage
- +100% to Electric Damage
There is a way to respec, up to a point.
You have the option to respec your 3 most recently spent skill points. This means that you can invest a little into a combo of skills that you want to try, and if you do not like it you can claim up to three points back.
To get a respec visit the NPC in Estherian Enclave, the first town you will find, who will perform skill respecs for you at a small gold price.
You cannot respec your Strength, Dexterity, Focus, and Vitality attributes.
However, as pointed out in @ShameFulmer's answer, if you don't like the built-in system, you can modify your save file instead. The easiest way is to replace your shared stash save file with one that is full of respec potions. There is such a file available on the forums as Shared Stash Respec Potions.
This does not mark you as a cheater.
To summarize the instructions on the forum, being careful to not delete everything currently in your shared stash (it wouldn't hurt to move everything valuable out of there):
Ensure that the game is closed and that Steam Cloud saves are disabled.
Backup your shared stash save located in C:\Users\< username >\Documents\My Games\Runic Games\Torchlight 2\save\RandomNumber
(replace < username > with your username). It should be called sharedstash.bin
. You can either move it somewhere else or change its name.
Download the file from the forums and save it to the same location. This will replace your shared stash with respec potions.
Open up the game, load the character you want to respec in a single-player game and take as many potions from your shared stash into your character inventory as you want.
Close the game and restore the downloaded sharedstash.bin
with the file that you backed up.
Re-enable Steam Cloud saves, and enjoy the game! You will still have your old shared stash and your character should be carrying all of the potions that you took out. You are free to put them back into your shared stash and use them with other characters as well. Using these potions will not mark your character as a cheater, like some other methods do.
Best Answer
The level cap is 100 and the fame cap is 33. You get 100 skill points from the levelling process and another 33 from levelling up your fame level so I expect the maximum number of skill points available is 133 assuming there are no quests which grant skill points directly and no other mitigating circumstance.
It is worth noting that it takes 100 skill points to completely fill out one tree, so at maximum level you will be able to fill out around one and a half skill trees.
Furthermore, there was a calculator for Torchlight II (link removed as calculator no longer exists at that site), which performs the same actions as you'd expect from a skill calculator and lets you work out your character build without committing any changes in game.
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