Got the game at lunch and almost bought the $100 Vault Edition something...
Anyways, played the first 30 minutes, kind of like an introductory to the gameplay, controls, story, etc. Coming from the PC I must say the controls are not that bad. A simple "getting used to" time will be needed but after only 30 minutes of play I'm getting used to the controller.
You strafe with the left stick and look with the right stick. Pretty efficient. Click the left stick to run. Plus the classic aim/shoot/etc controls from shooters I guess. Working well enough, even for a PC gamer

. Same with grabbing loot, simply hold the !Square" and you lick up everything, or simply point and click what you want to loot.
Graphically it's ok. I only have a 37" 720p Sharp LCD and i'm hooked with HDMI. It's the max I can do with my setup but overall it's looking reptty well. There seem to be a weather system implemented and melting snowflakes on the screen is nice heheh! I'd say it looks on par with Borderlands 1 on my PC at 1080p and full settings...except for the jaggies on the PS3, but there's nothing we can do about that.
Each character have 3 skill trees where he can specialize or be a jack-of-all-trades. Minimal customization when creating your toon like 3 face models, some color scheme on clothes and the name. That's enough for this kind of game.
Gonna try playing with 1 or 2 friends tonight and see how it goes. I bought this game for that but I can see it being quite fun in singleplayer too.