I was totally psyched about this game, I watched videos, read forums, looked at screen shots, you name it, I did it.  I'm glad to say that I was not disappointed, at least.  Borderlands is filled with amazing guns, some of which I literally laughed manically to the sight of what was left in their wake (body parts and loot).  Add on some hysterically devious grenade mods and incredibly helpful class modifiers, and you have yourself a full blown RPG-Shooter.

Borderlands excels in action, and is of itself a great first-person shooter experience all its own.  The loot collection is just an added bonus, really.  And that is really Borderlands' major flaw.  For all the emphasis put on guns and loot, there is really no reason to collect any more guns, and the game is easily exploited to "farm" guns.  If you follow just the plot-line missions, you'll plow through the first play through in about 2 hours and be at about level 30.  The second play through will have you at 50 3/4 of the way through and take even less time because of the guns and talent points you've acquired.  And that is basically the game's major flaw, and it is a major one.  Once you beat the game on the second play through, which is exactly the same just higher level stuff, your maxed out character now fights all 49+ baddies in the game, from start to finish, but there is no new restart.  You just go fight and farm for weapons that you really have no need for, since the really good guns in the game make it incredibly easy, even against the highest level Superbad's (The game's name for third tier elites).  Every boss in the game is easily exploited to make them a paper target, and they always drop the same thing.  Only weapon chests have any variety and those are a crap shoot at best.

Co-op is great fun, but as a PC gamer I have grown to take for granted dedicated servers, and P2P connections for PC just never seems to work as well as it does on Xbox Live or PlayStation Network.  Thus, there are a lot of latency problems.  Now, if you find a good host, or are a good host, then the co-op is amazing.  Don't look to this game for any type of PvP, it's there, but it's so limited and imbalanced that it's not worth your time.

The entire game was very obviously made with consoles in mind, and very little was done to update the UI to make it more PC friendly.  A lot of the menus, especially vendor menus, have a learning curve involved in successfully selling or buying a lot of things, and often times you sell the wrong thing due to items moving slots when you sell another item.

All in all, Borderlands was an enjoyable experience, but has the potential to be so much more, and may very well be with the coming DLC.  If you are looking to have a blast killing unique stuff and listen to some of the most hilarious voice overs and one-liners ever, especially from Clap Traps, then this is your game.  Serious FPS gamers will find little to no challenge and almost no replay value in this game though, so be careful.