Yes i own it for the PS3 and LOVE IT!
Some pro's would be cool cars that you see in real life.. escalade, corvette, beamers, porches, land rovers, rust buckets... many cool small features that make it amazing, 1 example of 100's that if you hit some fast and hard enough in the front your character(niko) goes flying through the windshield. If we get in vent i can tell you a lot more. (without spoiling story of corse)
Some minor cons, no properties and no car upgrades(hydrolics etc)
Oh btw, multiplayer is SOO fun!