Past GTA titles have had mild-to-serious framerate issues and technical glitches, because the games were trying to do far more than the PlayStation 2 could handle. While GTA IV is pushing the PS3 and 360 to the limit, it also runs amazingly well. Sure, there are framerate hitches here and there and (particularly on 360) there is some texture pop-in, but it actually runs better than I expected. That a game with great AI, an awesome physics engine and a detailed open world runs so well and with such short load times is a technical marvel. For that, I can forgive framerate issues and some noticeable aliasing.
The art team gets major kudos for creating a living world. There is great texture work in the environments, a nice field-of-vision blur of buildings in the distance, some excellently modeled cars, ball-jarring explosions, phenomenal water effects and one interesting-looking Eastern Euro for a lead character. Sure, it's not a game that runs perfectly all the time, but the technical elements almost never get in the way of the gameplay.
For those wanting to know which version looks better, the edge goes to the PS3. The textures and framerate are comparable, but the PS3 has far less pop-in. The 360 has richer colors, but the PS3 has better anti-aliasing making it look a little cleaner. Because GTA IV can preload onto the PS3 hard drive, the in-game loads are faster. Don't worry Xbox owners, the load times are rarely more than 30 seconds and don't occur very often. The slight visual edge goes to PS3, but the 360 is no slouch. Either version will do you proud.