Game looks visually pared down as compared to the PC/PS360 versions but that is to be expected. Dynamic shadows are missing, etc.
The could've removed the black outlines around the characters, landscape, buildings and enemies to improve performance even more, but I guess that was too much of a distinctive look to throw away. BL isn't BL without it.
On the PC, removing those black outlines (cel shading) gives you as much as a 10 to 15 FPS gain via an ini tweak in the WillowEngine.ini file located at C:\Users\Username\Documents\My Games\Borderlands 2\WillowGame\Config (change DefaultPostProcessName from DefaultScenePostProcess to RyanScenePostProcess)
What is unacceptable however (as evidenced in the youtube video), is the long ass loading time (27+ seconds) between areas. To illustrate the difference, I just booted up the game on my ancient, low end, 5+ year old Core 2 laptop with a mechanical 2.5" HDD and it takes seconds in comparison for that very same area transition to Southern Shelf Bay.