According to Shacknews Gearbox Software’s Borderlands is on schedule and will be released in October 2009.
The game is set in a post-apocalyptic universe and although was scheduled for release last year, had been delayed. It should be noted that the game has been compared to Bethesda's excellent Fallout 3, but that it does differ in several important respects.

First, where as Fallout 3 worked to make everything look as realistic as possible (a job done with aplomb I might add), Gearbox opted to hve Borderlands represented in a cel shaded aethetic. Also, whereas Fallout centered on one main playable character, Borderlands features four characters, each with unique skills and storylines. It also features a single player and co-operative mode for the four. Why there are comparisons I'm not sure as this sounds like a different game to me.

As always, keep it locked here for more info as we get it.