I actually haven't really been specializing at all -- I keep wand, bow, and both sword and axe on me whenever possible, and I melee more than anything. Bow tends to get used for sniping, or for dealing with stuff like the giant spider thing. Do tend to use the leather armor, but that's because melee stuff usually hits hard enough without the metal armor and bows are kinda' anemic without some dex behind 'em. Also tend to get the green skills until I get the fire circle, then sink any remaining into blue. Don't really find the red skills all that sexy, t'be honest.*
Specialization in general just feels kinda' weird with this game, t'me. Each tool has its place... I try to make sure they're roughly equal, but focusing on one just seems... wasteful? Especially if it was melee. Magic I could see, but...
Probably be different with multiplayer, I guess.
And... yeah. Moving really fast makes dealing with a lot of the enemies a lot easier. The larger ones in particular -- you can hop over a charging one or jump between projectiles without near as much trouble (and with much smaller windows of opportunity, so you can do it under platforms and whatnot without trouble) with the supercharged dash. Makes coping with the more mobile enemies much easier, too...
*Incidentally, ideal skillset would be fire circle thingy, that mana regen blue, and blue's magic weapon skill. Zerker rage wouldn't be too bad in place of the magic weapon, but...