Im seeing red dead redemption graphics more so than GTA IV, to be honest, and I have no complaints about that. Red dead redemption had sharp shadows and lighting effects, even though character textures were given more sharpness and saturation, there are alot of improvements as seen here and the trailer. GTA IV was very pasty in comparison. I do think they may have GTA Vs graphics on par with red dead redemption, if not slightly better.
Think of the images before RDRs release, it did look quite different in motion on a hdtv.