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Based on how things went with GTAIV, I'd say this is def a current gen game, though possibly a WiiU launch title.
IV's trailer debuted end of March '07 and had an October '07 launch date, though that did get delayed to April '08 due to technical issues with the PS3 and storage issues with 360, things that shouldn't be a problem now. So if they're showing it off now, it's probably just about done and almost ready for release, and with Sony and Microsoft not saying shit about their new consoles yet, I just can't see this being a next gen title
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