If I've said it once, I've said it 7-8 times: Grand Theft Auto is best when enjoyed on the PC. The fact GTAIV will feature 32-player multiplayer only supports my position.
Yup, 32 players. That's the good news. Bad news is that not every game mode supports that many - others will "only" support 16 - but you'll find ways to deal with that disappointment. Modes confirmed to support 32 players at this stage are deathmatch, GTA Race and free mode, though you'd hope/expect a couple more to be announced between now and the game's release next week.