Despite the details and screenshots in the advert, it's unclear exactly how Legends plays. What it features for certain are the four playable characters from the first Borderlands, character-specific abilities and powers unlocked by levelling up, plenty of weapons, a "strategic cover system," and a 'Fight for your life' mode which likely ties in to its namesake in Borderlands 2. And since there's mention of "in-game cash", surprise surprise, in-app purchases are likely to feature too.
The advert includes no release details beyond Borderlands Legends arriving in October. We've reached out to Gearbox for more info.