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In the latest investor report from 2K Games, they (in addition to announcing BioShock 2) also said Borderlands would be pushed back to fiscal 2009 in order to 'provide a better balance in the release of Take-Two's triple-A titles'.

From Wikipedia:
Borderlands will feature four player cooperative play along with other singleplayer and multiplayer modes. In addition, players have access to customizable vehicles for 'vehicular combat' and will also be able to customize their character. Deceased enemies will drop their equipment, which is available for you to pick up. You will be able to choose from 3 different playable characters, who each have their own unique abilities. It is inspired by the Mad Max film series and Diablo by Blizzard.

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