Rockstar has a good formula and they are not afraid to use it. With some improvements over the GTA 3 hit and the few bugs that come with that, Vice City is a hit.
Some of the new things include property ownership, which will get you new missions (and even a helicopter). Other new rides, how about motocycles or better yet speed boats. They covered a lot here.
The bugs are quircky annoyances that can be worked around.
The game plays like GTA 3 in a different locale. I didn't think there was actually much improvement over the physics; although they could have used a little tweaking even the first time aound.
The sound/music is pure 80's. So, if the 80's were your decade the music is all yours. Personally, I was not a big fan of the 80's, but they did replicate it well.
Overall I'd say, if you liked the first one, you'll enjoy this. If you got bored with GTA3, you may get bored again. If you haven't played either come out of your cave!