Looks like you could be playing a Russian this time round, and looking like another new city. Kinda industrial. Graphics are looking sweet too! Go here for the higher quality versions, or watch the YouTube quality one below…

Update: Note to self… don’t post before having that 3rd cup of coffee in the morning… As D pointed out (after calling me a numpty), it’s actually set in New York… Statue of Liberty is in the trailer… I’m going to hide in a corner somewhere now.

Update 2: Actually C&VG is reporting it’s not New York!.. It’s Liberty City! “Despite internet reports claiming otherwise, GTA IV is indeed set (at least partially) in Liberty City - or more likely Liberty State, the area beyond Liberty City. If you’re still not convinced, you can see the words ‘Liberty City’ plastered on a docked tanker in the trailer, a ferry and of course there’s also a glimpse of the ‘LCPD’ patrolling the GTA IV streets.

…The layout of GTA IV’s Liberty City seems to resemble we remember from the PS2 - though obviously there’s a whole lot of extra detail washed onto the streets… As for what’s beyond the walls of the famous GTA III locale, the trailer confirms GTA versions of the Empire State Building, Statue of Liberty and a fun park including rollercoaster, which were all missing from the PS2 instalment.”