I have not tried this (since I did not buy either bundle with DD, I had purchased it well before that), but I am pretty sure someone would be able to play online co-op as you suggest. Dungeon Defenders' multiplayer is handled by a service that is independent of Steam.
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Just curious, but did anyone install and use the DRM-free version of DD instead of using Steam, and play it online? I'm just curious how they've set that up. Could a bundle buyer actually play online coop with a friend, one using the Steam key and the other the direct download??? Just seems kinda odd they'd allow that, but it does look like that might be the case.
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