I know I'm coming late to this party, and I have little 3D graphics expertise, so take this as merely a kernel of an idea for others to expand upon, but, is it possible that the 360 version is compressing the textures more to save disc space or disc read time? This was suggested as early as
post #13.
I ask again because MS advocates, on slide 30 of
this Gamefest 2007 presentation, using a software compression codec, called MCT, on top of the usual DXT. I tried finding out more about the method of MCT, but I found little. It appears from the slides to be a vector quantization scheme, so it could account for the appearance of dither within a texture. Importantly, on slide 31, MS notes that the quality of MCT is "variable", as opposed to "good" for DXT and "best" for the JPEG-like PCT.
If Rockstar is using this, or some other form of software compression, perhaps in addition to the on-the-fly generation of mipmaps, as suggested by Mintmaster, could it account for the dithering on the 360 version?
I know it has been pointed out (by Shifty, IIRC) that the same odd effect seems to occur where the neon lights intersect the electrical conduits. What I can't tell from the screenshots is whether the neon is distinct geometry, or a transparent texture applied to the wall, or is simply a part of the wall texture itself. Only in the latter two cases could texture compression explain the observed effect.