Overall...I don't know what to think from this trailer. Seems like it's making a deliberate attempt to return to light hearted nature of pre-IV games, but the dialogue and some of the characters so far seem a little...I dunno, empty? The most important thing they need to nail is variety, not just in terms of minigames, but in terms of the map. If GTAIV proves anything it is, that you can have the most photo realistic map going, but it ain't work a shit if it's monotonous and bland.
EDIT: Also, seems like that horrible blurry/grunge filter from IV is still there.