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Features

You can buy property; houses, garages, businesses and marinas can all be purchased for extra revenue sources.
You can pick up hitchikers, do stunt jumps and flying challenges, take part in yoga, golf, tennis, bike races and triathlons.
iFruit, the game's new phone, can be used to snap pictures and upload them to Rockstar's Social Club
The phone also has apps. In addition to the camera there is internet, contacts, social media, a calendar, and a replay missions app. There are three more Rockstar hasn't yet revealed.
A combat roll has been introduced for moving between cover
Liquor store and ATM robberies is possible.
Side missions will be making a return. One would involve Michael in Vinewood Boulevard racing a starlet away from the paparazzi.
Citizens will react to what you do, and if they see you robbing someone they could alert the police, film you, or even try to take you down themselves.
Hunting animals.


Customization

Player customization - tattoos, haircuts, clothing
Vehicle customization - paintjobs, wheels, window tints, grills, spoilers, along with robust performance upgrades to suspension, engine, brakes, and more that make meaningful changes to the way vehicles feel and handle
Weapon customization - Silencers, scopes, extended mags, laser sights, and more


Police Encounters:

The classic wanted system will be making a return - with five stars instead of the usual six.

They make the police encounters sound better, too. In this new game, we can still try to escape the circular zone that flashes on the mini-map when cops come after our malcontent protagonist(s). But, this time, we'll be able to try to hide inside that alarm radius, if we'd like. The cops will use a line-of-sight system, so they won't just magically know where you are. If they have a helicopter in the sky, they'll be able to see plenty. And you'll see them use hand signals to communicate what they're doing.
- Kotaku

Skill Categories:

Each character is rated in a series of skill categories: Stamina, Shooting, Strength, Stealth, Flying, Driving, Mechanic, Lung Capacity.
Each character has a 'Special': Franklin is an adrenalin junkie and can slow down time while driving; Trevor has a frenzy mode, where he does double damage, takes half damage, and has a unique melee attack; Michael has his own version of bullet time
Specials are governed by a meter, it drains after use and recharges slowly
Other skill categories are shared and can be improved by completing missions, side missions, activities and more
Trevor will always be the best pilot, Franklin will always be the best driver but each can improve their proficiency a little
One of the skill categories is stealth, suggesting players will be able to take different approaches to missions


Map

Similar to previous GTAs, the map isn't landlocked (surrounded by water).
The map 3.5 times the size of Red Dead Redemption in terms of playable area above ground. Five times if you count underwater area.
The geographical scope is huge and spans:
Mountains
Rivers
Lakes
Military bases
Farmland
Desert
Dense urban environments...and more
An underwater ecosystem exits, "the sea is teaming with fish and sharks"
A deer and a wildcat were spotted in the mountains.
Treasures can be found underwater, but NPCs will be looking for them too
Shipwrecks, sharks, hidden treasures and more could be found underwater
The entire world is populated with fitting wildlife and inhabitants unique to specific areas


Heists/missions

'Mini heists' are used to teach the player about preparation. Players must secure vehicles, outfits, masks, the getaway vehicle.
These build up to a bigger heist where the execution must be flawless. They'll require the right crew (which you can recruit) and players will have to decide on the cheap option, which results in less skilled people, or paying more for skilled crew members that will take a larger cut of the money.
These additional characters will be able to specialize in different areas such as wheelman, gunman, technician, and so on.
Hiring the same crew members across several heists (assuming they survive) will allow their skills to improve
There will be visual and audio alerts from your other characters so you're not completely caught off guard in case things get hairy.
You can attack targets by stealth or brute force. This will affect the content of the heist.
A huge payout to split between the crew
After-action report that tallies your total cash haul, each surviving member's cut, and any profit you managed to earn


Refinements to combat:

Weapon selection has been overhauled: You now select your weapons from a weapon wheel.
Fluidly run and gun from the hip while still maintaining complete control of the reticule
'Combat jog' that allows you to move at high speeds with your weapon out, but not raised.
Camera pulled back when zoomed in over the shoulder to open up players' field of vision
Combat roll to move strategically from cover and evade incoming fire
Reticule switches from white to red to identity an enemy
Tiny 'X' flashes over the reticule when targeted enemy is killed
Variable targeting options including free aim, soft lock, and hard lock (similar to Max Payne 3)
Smoother transitions when moving in and out of cover


General

The character selection wheel is split into four triangles: Franklin, Trevor, Michael, and your multiplayer character
Some boats will include gear such as wetsuit, flippers and tanks for diving
GTAV rewards exploration, there's no signposting underwater, so you'll have to find the treasure the hard way
Dives won't offer massive payoffs, but will "help grease the wheels"
Pressing Down on the d-pad will drop the play in and out of multiplayer.
There are subtle differences in the way each character moves to reflect their personalities; Michael is slower and deliberate.
Rockstar says there will be five times as many pedestrians in GTAV as there were in Grand Theft Auto IV
There's a "crazy level of detail": Tourist buses can be boarded for a tour of celebrity homes, film posters are plastered on the walls, men in comedy costumes try to corner you outside the Cathay Theatre, including the Superman-like Impotent Rage and Master Chief riff, Space Ranger.
You can switch between Franklin, Trevor and Michael during a cutscene, manually, or automatically when the AI takes control for you
Each character has a job to do, how much you switch yourself in or let the computer do, is entirely up to you
If you die the game reloads to the last checkpoint, even if two other characters are alive
Although it's up to the player when they switch, dialogue will suggest ideal moments. For example, when Michael and Franklin are being overwhelmed by snipers, Michael might ask for Trevor's help.
There is a wider field of vision, and players can run-and-gun
There are some restrictions to character switching, such as how you can't abandon a character while you have a Wanted Level. Lose the heat first! The character selection meter will let you know when you can swap out.
Michael's obsession with classic films translates into in-game set pieces based on real world movies. In the demo the three characters mount a heist very similar to the one from Heat.


Fun Facts:

Franklin alone has more textures than the entire ped population of GTA: San Andreas
Largest selection of vehicles in any GTA game
Largest selection of weapons in any GTA game

GTA 3


GTA: Vice City



GTA: San Andreas



GTA IV