Borderlands: The Handsome Collection

Q: So...how does it look compared to the PS3 version? I know it's not a total remaster..but ...

The 60 FPS is nice but other than a higher resolution you are getting the same game. BL2 runs a lot smoother than Pre Sequel. My biggest gripe is the texture pop in is just as bad as last gen. Every time you fast travel to say Sanctuary, there is a second or two delay before textures finally pop-in. Same goes for vending machines and opening ammo crates. Really thought they would fix that. Still well worth the money and eagerly looking forward to seeing what they can do with BL3.

Q: Is the DLC on disc or is it a download card?

All of the DLC, except for Claptastic Voyage and Ultimate Vault Hunter Upgrade Pack 2, is on the disc. Since Claptastic Voyage was just released for the last gen systems, that is completely understandable. On the bright side it was released day one for PS4/XBO. The bad news, assuming you have a slow connection or bandwidth caps be prepared. The update, which includes some fixes and the two items already mentioned are an 8GB update on the PS4 and a 16GB update on the XBO. (Source) Gearbox via linkhttp://www.vg247.com/2015/03/26/borderlands-the-handsome-collection-8gb-day-one-patch-on-ps4-16gb-on-xbox-one/

Q: Say the PS4 has 2 profiles on it. Will co-op let players choose one of the available profiles to use? Or does it make players create a subprofile?

Yes. Each person playing will be on a different profile . However, say you want to split screen two characters using the same profile, you can not do that. It'll make you choose another profile for player two, or select a "guest" profile.