There too far into it and would lose too much money to not release it for this gen. I do believe they will release two copies. Depending on how easy it will be to upgrade the visuals to next gen. From developers mouths, this transition from this gen to next will be the easiest ever since they have gotten very familiar with the architecture, and a new one isnt being introduced, the old is really just being updated. Think Ipod 4g to ipod 5g, As opposed to ipod 1g to ipod 5g. But think about, it'll still be the same resolution which was the main setback from xbox to xbox 360. And its alll about the money. They know people will buy a next gen version of gta, so u can almost bet its coming
rockstar buries the dead and makes the new. Thats why everyone hated IV becasue they didnt understand how you had all this cool sh*t in SA but now we are just with a fancied up version of III. GTA IV was the beginning of a new engine, a new console and a new generation and did they even release any of the old ps2 gta on the ps3? It was just BOGT and LOTD... They are going to do V and then start from scratch with the new generation, maybe redo vice city?
GTA 3 = GTA IV
GTA SA = GTA V