Finally hit the level cap last night, and I'm a bit over halfway through playthrough 2, or 'True Vault Hunter' mode.
The GF and I decided to try our hands at terramorphous again since we were 15 levels higher and with much better weapons and gear than we were when we first tried him at level 35. Sadly, there wasn't much of a difference in the battle : He utterly raped us another 10-12 times before we had to face the realization that our weapons and gear were nowhere near as awesome as we thought they were.
Bear in mind that I was packing a Tediore SMG that does 6581 DPS, and over 315K damage per reload, a Hyperion combat rifle that does 8731 DPS, a Jacobs revolver that does over 11K DPS, and a Vladof sniper rifle that does 23K DPS.
My GF on the other hand was packing equally impressive weaponry (thanks, free golden keys!) and yet our combined efforts only managed to shave off about 8% of his overall health.
I wanted to try and beat the f*cker fair and square but it appears that the only way to do beat him with 1-2 people is to stack the bee with the critical conference call, but I haven't had time to farm for them quite yet because I still need to finish playthrough 2.
Speaking of which, apparently Gearbox has nerfed both of those items and added bonus health and stat increases to terramorphous to make him even more difficult for people to defeat now.