Boring and uninspired.
Cons: boring, uninspired campaign; way too short
Mr. Torgue's Campaign of Carnage is the Moxxi's Underdome Riot DLC-aster of the first Borderlands game. Boring, uninspired, and with little redeeming value, especially with the $10 price tag.
On it's face, this DLC proposed to continue the same great Borderlands humor with a new area of Pandora to explore. Unfortunately, only one of those proposals came to fruition.
The Badass Crater of Badassitude is a relatively small area that feels completely uninspired and well, boring. Yes, there are some other areas with quests, but the best area (the junkyard) feels underused.
In terms of the quests, I found myself only attempting to complete the main quest just to get the PS3 trophy, not out of enjoying the story. The main storyline is quite short, and can be completed in less than two hours. In fact, all the quests (other than the raid boss) take less than a few hours to complete.
Overall, an underwhelming DLC that could have been so much better. Definitely not worth the $10 price tag.