Not quite Champions of Norrath, but it's close!
Dungeon Hunter Alliance is the closest I have yet to find. It plays smooth, loads mostly fast, and has an easy to slide into control pattern.
Not everything is great in this game, however. The story is a little thin, there is no character customization and the leveling system is very, VERY basic. The lack of a controllable camera angle or zoom level is saddening, since the right analog stick does nothing really, (at least, not yet for the character I am playing). This is unfortunate because your characters appearance changes with different weapons and armor, but most of which you barely see because the camera is zoomed out.
I have not yet had a chance to play this game with friends or online, but the option to pick up a second controller and drop in is always there.
This is a solid game for someone looking for a decent action RGP with gratifying kills and plenty of loot. Anyone who was addicted to CoN and RTA as I was once will likely appreciate having this affordable option if they don't want to track down a PS2 and buy those old games off of ebay.
Have fun!