The GOTY version does not have the SecuROM features. At least, it didn't when I bought it during the summer sale for $7.50.
As for whether it's worth it or not, depends on a few things.
First, are you into dungeon crawler and loot games? (Like, say, Diablo 2.) If yes, then you may love Borderlands. If not, you almost assuredly won't.
Second, do you have a friend you can play it with? The single-player can be fun, but it's often better if you have a "decent" friend to play it with. I.E. A friend that won't be an ass while playing.
If you answered yes to both questions, then yes the game's worth that price. If you answered yes to the first question only, then it may be fun for a bit, but you will grow weary of it.
However, I must add a word of caution. Gearbox really mucked up the PC build of the game. The controls can be a bit wonky, there's a lot of discrepancy in the mouse acceleration, and the POV and screen aspect ratio are really screwed up. If you do get the game, do an immediate Google search for the community made patchers and bug-fixers. Trust me, you'll thank yourself if you get them.
If you have trouble finding them, PM me and I'll show you where to look.