Honestly as good as the game looks, it could look better and in all honesty..the lighting is so overdone in spots it cheapens the look of the game. There are better looking games out there, but despite all that...this game looks like it will be very entertaining. I will definitely give it a look when it is finally released.
It's managed to be amazing up till now with sub-par graphics. I put San Andreas on such a high pedestal last time, I'm trying to ignore the hype machine for GTA4 so I enjoy it as much as possible.
I'm not so concerned about graphics, since the GTA games have never really excelled in that area, but I'm still not as excited about this game as I was about San Andreas before it was released. It's still one of my most anticipated games for next year, though. I hope Rockstar North can produce another classic.