Does Borderlands 2 on the PC save locally or in the cloud?
Solution 1:
Save game data does still exist on the local hard drive in your users directory, in Windows for example: %userprofile%\Documents\my games\Borderlands 2\WillowGame\SaveData\.
They are also backed up to the cloud now (just like the first Borderlands added later on after the original release). However, to the best of our knowledge so far, they are not validated any more than BL1 saves were. We haven't hacked into the BL2 save files yet, but I'm sure it will be done again just like in BL1.