Interesting game
Borderlands is a hybrid of FPS and RPG. However skeptical you are of this combination, don't be: It works wonderfully.
Basically, what you do is run around doing quests and collecting loot, just like in games like Dungeon Siege. There is a story, but you won't see much of it until later in the game.
Another very interesting feature is that the game not only includes co-op (both split-screen *and* online), it is designed around it. Your character's skills affect your team mates, and bosses' patterns are such that they encourage multiplayer. This is also a weakness, however: Single player players will sometimes find the questing routine rather repetitive. It's not a major concern, but having a friend along for the ride makes things a lot better.