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First the trailer, then (hopefully) the playable demo, then the game...
I've seen like 10 seconds of footage, it looks really pretty from what I've seen but it's hard to tell exactly where it's set. It definetly looks like America again though, maybe New York? But then Liberty City was supposed to be New York and it looks nothing like that.
The rest of the trailer might be finished downloading sometime before release day if I'm lucky.
Does seem that it's NYC/Liberty City though