I agree that the text is too small. I can't tell if it is R1, R2 or R3. It's just a black blob with a number in it. I am on a 46", 1 year old Vizio LCD.
The game looks amazing for PS3. This console is ancient and it looks better than GTA4 on PC with max settings. (minus the non-antialiasing)
I am used to playing on a PC and since I am sitting on the couch, I feel I am missing stuff. I might get an HDMI/DVI adapter so I can play on my computer LCD and sit closer.
The game is classic GTA so far. The visuals are amazing. I particularly liked the lighting effects of the shotgun flashlight on that one mission.
I am still getting used to the analog sticks. I feel like my thumbs have no precision. I went to the shooting gallery to practice. With a keyboard and mouse, I would have gotten Gold medals on all of the events, first try. On analog sticks, I was lucky to get silver and couldn't even get bronze on the hardest ones.