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I Actually think this is a good thing as it will give Rockstar more time to make GTA IV even better.
But my concerns are towards an upcoming interview and also playing bioshock. Hot damn i'm going to back me a mutant!
Having said that, I dont really think its either. I'm not sure if it was before E3 or during it but one gaming site published a hands on with GTA4. One comment they made was that it was nowhere finished. So I dont think its anymore complicated than them being behind schedule in general.
I Actually think this is a good thing as it will give Rockstar more time to make GTA IV even better.