This new patch was just released!

Update v1.1.3 (Released 10/25/2012)
– Added a toggle for whether textures should fade or pop in when a higher-resolution version loads. High-end computers can disable this to avoid seeing lower-resolution textures streaming in.
– Added the ability to reset all challenge progress for a character once they’ve completed 85% of all non-DLC, non-area-specific challenge levels. This will keep the player’s current challenge bonuses and rank, but reset all challenge progress to 0 and allow challenges to be re-completed for additional ranks and bonuses. Resetting is available on the “challenges” screen of the status menu and will display as a tooltip at the bottom of the screen if the player has met the criteria.
– Fixed a bug where profile files set to “read only” were not being saved.
– Fixed a performance issue in Captain Scarlett and her Pirate’s Booty content with PhysX set to Medium or High.

Some nice updates!

You can get more BadAss / Bad Ass points this way in the game since you can reset them after reaching 85% total completion.

Also, Captain Scarlett DLC will become more playable, as that DLC did not work well for a lot of people and caused lag. Patch your game with this new update to fix it and go get some seraph crystals and weapons!

It’s also worth pointing out that people who bad issues such as Borderlands 2 not saving character data — it looks like this may fix that for you.