Having played on the PC version, graphics appear to be the same as GTA3 but the sound is great like the first game..
Witty radio stations and great music including Michael Jackson and other classics. Audio is A+, especially the radio stations, sound effects (cars, guns) are excellent and polished.
Gameplay is exactly like GTA3 with missions that include cutscenes, rampages, stunts, random vehicle missions, etc. New gameplay include buying safe houses or properties that can generate income, money plays a larger role this time. You can drive boats more often now, new motorcycles are introduced as well as helicoptors.
Overall after playing this game and completeting all the cutscene missions which includes the main story mode, there wasn't really anything left to do except rampages, stunts, and various non mission specific activities that weren't as fun to play as the actual story mode/missions.
A useful stats page is included and at the moment I finished, it was 55% complete but after looking @ a guide on gamefaqs.com it appeared that the rest of the game wasn't very appealing as the part I had just finished. If you wish to go for 100% completetion, this game is big, you'll need to withstand long tedious hours to finish.
Replay value is mediocre, no multiplayer. World is a bit smaller than GTA3 but definitely more detailed.
Score: 8/10. Rockstar Games is made of geniuses with a simple gaming concept, openess to do whatever you wish.