It's Borderlands 2 and Borderlands: The Pre-Sequel, which despite taking place before Borderlands 2, has a wrap around plot that takes place after Borderlands 2, so the pre-sequel should only be played after BL 2. The collection also includes all the DLC for both games, about 100 hours of content in all.
And yes, the collection was made specifically for PS4 and Xbox One. It runs at 60fps (for the most part), and also includes an FOV slider and an optional 4K texture pack.