You don't need to play it. It depends on how much free time you have and do you have a backlog of games? If yes, then I would say skip it, because Borderlands 2 looks to be the same as Borderlands 1, but better at everything.
They need to get rid of self-smithing system. You should only be able to create basic items: iron, steel, leather, etc. For anything higher you need to seek out a master smith in that discipline. The focus should be on finding cool items, not creating them.