It appears that GTA IV will take place in New York City (Liberty City?), and you will play as a russian man. There, now that that’s out of the way, the internet was hit hard at 6PM EST when the trailer went live. It took me until 6:38 before the site worked.
The tagline this time around is “Things will be different”
Check it out here: GTA IV Trailer
This looks very nice. I am going to buy this day one!
EDIT: It’s now on the Live Marketplace.