LATEST CHATTY HEADER

Ok, so no AA and FOV sucks but I did some digging:

VSYNC: Documents/My Games/Borderlands/WillowGame/Config/WillowEngine.ini -> UseVsync = False (change to true)

FOV ISSUE:
In your WillowInput.ini file Under [Engine.PlayerInput] Add these...

Bindings=(Name="F9",Command="FOV 85",Control=False,Shift=False,Alt=False)
Bindings=(Name="F10",Command="FOV xxx",Control=False,Shift=False,Alt=False)

For 16:9: 101.409630521
For 16:10: 95.4370607151

Toggle between default FOV and adjusted FOV with F9 and F10

AA ISSUES:
AA for Ati: rename Borderlands.exe to Bioshock.exe or UT3.exe. Force AA in CCC. Might need to put Catalyst AI to advanced.
Or use Rivatuner's "D3DOverrider".
AA for Nvidia: Use nHancer.