Anyway, seems like the game kept everything that I disliked about the first one such as the endless walking or driving to get to a transport station
If you're at the end of an area and forced to walk back to a Fast Travel station, I do what the other user mentioned and simply quit the game (it saves when you quit). If you load the game back up, it spawns you at a Fast Travel station.
and the rather severe penalty for dying
Compared to some games, the penalty in Borderlands is rather lax. You also even get a chance to save yourself or have a teammate resurrect you. I actually died twice to Mad Mike yesterday, because I was trying to avoid him thinking he was one of the ninja turtles. There's a badass objective to kill them in the right order (I assume it's Leonardo, Donatello, Raphael and Michelangelo as that's the order from the cartoon opening theme), and my goodness... that guy can kill you rather quickly with his rocket launcher. I only lost about 1.3k with each death and I have around 20k right now. Not a big deal.
but gimped my favorite class(siren) and made the game much harder.
You know... I'm not really having nearly as much of a problem with Maya as before. While I would still love to get my hands on a Mind Games talent, I'm doing a lot better now with some of my guns. Of course, there are still some shitty situations that the game puts you in. For example, I lit the volleyball net on fire then the three shirtless dudes come out and just destroy me before I can even react. :|
Although, when I can pull my signature Matrix-style jump kills, then you know the game has reached that point where it's not too hard.

That's usually where some stupid mob is hiding behind cover, I run up to the cover, jump over it, aim down and fill 'im up with lead. It usually then involves killing whatever else is in the area since I probably just jumped into a hot zone, but man... it sure is a lot of fun!
While writing that, it came to me that what I'm talking about is the difference between Torchlight II and Diablo III. In Torchlight II, you tend to run into large hordes of monsters and not all of them are that strong. So, you tend to be the proverbial hot knife and they're the butter, but sometimes there are a few powerful ones that you need to be aware of. I think Borderlands 2 is more like Diablo III where you don't get many hordes but a modest sprinkling of mobs around the map. Also, like Diablo III, the maps in Borderlands 2 are too big.
Do enemies respawn once you cleared an area? If so, is there a way to turn it off? It must be annoying to have to keep running into the same enemies when you just want to get to Point A.
Enemies will respawn if you leave the game and come back. They will also eventually respawn if you take too long in an area. I was backtracking a lot in the Bloodshot Hideout and I definitely ran into respawns eventually.
EDIT:
Does anyone know if there's a way to increase the shared stash size? The fact that it's only four slots is pretty terrible! :|