First off I was blown away. I wasn't disappointed like some who expected more. That's why it's called a teaser. You will see more in the coming months.
Secondly that is Liberty City and what the heck is wrong with that. It's obvious by the trailer that this ain't your PS2 Liberty City. It appears we will not recognize this Liberty City and will have to learn it all over again, so essentially it's a brand new city. Seeing as my fav GTA is still GTA3 this suits me just fine. And if you're not convinced that it's Liberty well you're not paying attention. Liberty was based on NY, everyone knows that, and what did we see in the trailer? Statue Of Liberty, Times Square, The MetLife Building(Get A Life building ^_^ ), Ferry's, Trolleys, and of course the Empire State Building. If that wasn't enough we see a building with "Liberteen" on the front. In Times Square you see a small sign towards the bottom of one of the buildings that says "The Liberty Tree" (Liberty's main Newspaper). If you pause it during the quick traffic pedestrian sequence you see a police car with LCPD on the side, and finally the big cargo ship at the end with the name "Platypus" has Liberty City clearly written underneath.
It is set in the present day which makes sense if you think about it. GTA3 was set in the present. Vice City was the latter 80's, San Andreas 90's, LCS late 90's, and VCS the mid 80's. All those games were essentially prequels which is why they had no numbers attached to their names. Another clue as to the present being the time period I would say are two billboards in particular. First the "Americas Next Top Hooker" billboard, which is obviously a jab at the "Americas Next Top Model" reality series, and the "Heart Attack Burger" which has like 7 patties and is an obvious rip at the fast food nation we have become and more precisely BK with their stacker menu.
Finally I am uber happy that they, Rockstar, have not crumbled under the outcry that people want to be able to create their own character, ala Saints Row. I prefer an established character that actually has a back story. I believe that that is one of Saints Row weak points. I identified best with characters like Tommy Vercetti (hence the username ^_~ ), Carl Johnson, Tony Cipriani, and Victor Vance, than I had playing the Saints Row demo. The story has more meaning and depth.
All in all I believe we have an instant classic on our hands and as excited as I was for this title, it's the main reason I bought the 360 in the first place, I am that much more excited for it now. October 16th (two days before my actual birthday ^_~ ) can't get here fast enough.
Now I have to get back to listening to Chatterbox. ^_^