I have no doubts that GTA4 will be a HUGE game - in terms of textures on the screen. I am not sure if it will fit in 224 MB minus the MSAA framebuffer size - so for the PS3 you will probably need blurrier textures, to lose some textures or/and resolution to fit in the available memory.
Are there any "thoughts" on this?
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In other words, don't try to resurrect an age-old debate, frequently leading to locked threads, just disguising it under a "GTA4" banner.