Highlights:

• Takes place on the planet Pandora.
• "Soldier" and "Hunter" classes.
• Halo-like dune buggies were shown, with two players cooperating to drive around and shoot at enemies.
• Large level bar displayed on the bottom of the screen--like a first person Diablo.
• Characters are persistent. Higher level characters can jump in and out of lower-level games created by friends.
• Over half a million weapons--procedurally generated. A revolver sniper rifle was spawned during the demo that even surprised Pitchford.
• One of the weapons had an electrical effect that exploded on contact. One weapon will be able to melt faces a la Raiders.
• Plenty of gore and limb loss.
• A cavernous mine "dungeon" was shown, with tribes of humanoid enemies to destroy.
• At one point the game shifted into a cutscene as part of the overall story arc.
• A lot of alien wildlife to deal with. A mad cow-like animal was shown.

We'll be getting our hands on the game later today and uploading the video walkthrough, so check back for more on Borderlands.