Thing is, R* as a whole already has Max Payne 3 lined up for May '12; I doubt they'd launch both heavy-hitters within the same couple of months and risk people only buying one because they can't afford both in the same narrow window. I'd put my guess toward either Fall/Winter '12 or Spring '13.
As for the game, I seem to be the only one who actually liked the more grounded and (relatively) serious direction GTA IV took; the staggering amount of detail and attention paid both to the city and its inhabitants has yet to be matched by anything other than R*'s own Red Dead Redemption imo, and fusing it with a narrative that actually has some depth, weight, and complexity turned it into my definite GOTY and one of my top three or four this generation. I can't help but feel that if they take some of that away and revert to the overall wackiness of San Andreas, contriving crazy excuses for you to do things like missions in fighter jets, it'd be something of a step back (especially since we now have Saints Row for cock-headedly-insane sandbox crime games). Not that I'd discourage them from adding all kinds of new distractions, vehicles, and content, of course; the coolest thing about SA was just how much stuff there was, and now that R* isn't bound by having to craft an entirely new next-gen engine for this one, I can't see them doing anything but that.
Of course it could just be me being haughty and avant-garde but hey what can I say
(oh and look at that moment in the trailer where the two ladies check out the shirtless dude running down the street; if that's not a scripted thing, and is instead improved AI technology at work, I may have to spend my first couple of hours with the game just standing on the street and watching people, because that kind of detail is bonkers)
E: Amit, sorry about being pedantic but it was April 2008; it was originally scheduled for Fall '07 but got delayed
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