The game does not launch. It does not open -- the mouse moves and shows the hour glass but fails to boot the game. Normally, you'd have to do a Windows 98 compatible mode setting on the EXE to allow it to run, which makes the game not run as smoothly. However, there is a Windows 8 Fix -- a patch -- that will allow the game to run for you on Windows 8 Consumer preview and Windows 8 RTM. Note this also helps users who have Windows 7 who cannot launch the game.
Borderlands 2 Windows 8 64-bit Fix: Download
Borderlands 2 Windows 8 64-BIT AND 32-bit Fix: Download
We will be sure to post the latest Windows 8 Fix for v1.1.4 patch too when available.
Thanks to paperboy666 for letting us know about the new fix!
Make sure to disable the Windows 98/ME compatibility mode on the EXE after patching (if you had enabled it for a previous Windows 8 Borderlands Fix).