I'm sure it is well into development and it'll probably be out in early 2012 or summer 2012 seeing as how Rockstar has a habit of releasing stuff near summer(RDR, LA Noire). My theory is that it's going to take place in Australia and Packie McReary will
be the main character. He mentions wanting to go to Australia in GTA IV and at the end of TBoGT, you see him at the airport with a suitcase. Though he could be going to Vice City or San Andreas.
it wud be cool if they some how added all da maps from da past gta's and put em all together n u eather hav to fly or take a boat to each of the differ islands it'll be big and u'd nvr run out of stuff to do noing a map dat big bein an open world game das
just beastly all da the way iwud like to be able to race like street racin style and professional kinda just add a lil piece of rockstar game ever made n put all those lil pieces from each game dat wud be cool to da cars and guns from godfather bein able to
go to skool from bully alot of things if this was possible rockstar shud do it u nvr no wat dare workin on dey cud be makin dics dat r wayyy bigger than before than cud make anything if dey raise da memory