Just as I feared, the graphics look terrible. They really should have waited for the next-gen consoles, as they could have still released X360/PS3 versions with shitty graphics. The trailer doesn't give us any idea of what the gameplay is like, which is a concern after GTAIV. And the lack of a PC version puts this firmly in the "don't give a shit" category.
"The price of freedom is eternal vigilance."