IGN still thinks that GTA4 is oscar worthy,but he gave them the right answer 
IGN: You've got a lot to live up to with GTA 4 coming before it. You don't think Saints Row 3 will be redundant?
Brian Farrell: It's all about fun, right? I enjoyed the GTA experience. It was very cinematic. Terrific pacing. But in terms of just sitting around with your buddy and having fun -- taking the super hose and spraying down the streets -- it's just irreverent fun. It's a totally different position. It's like saying, "Gee, I went to Avatar so I'm not going to go to the next sci-fi movie." Why can't you enjoy both?
IGN 
Scenester and I co-op'd SR2 and cleared most of the Ronin missions last weekend. I'd been playing Gay Tony leading up until this, so I can say without odd nostalgia: the GTA4 engine looks better, but SR2 does everything else better.
Yeah,GTA 4 engine is very advanced,jut look at Red Dead Redemption,while Saints Row looks pretty outdated and its sub-hd on both consoles(ok,GTA 4 is sub-hd on PS3,but still...).Not surprising though,GTA4 budget is rumored to be around $100 million.
But i am confident that Saints Row 3 engine will be significantly better than SR2.
I had a lot of fun playing GTA4,i cant deny that,but it always felt like "directed" fun,while in SR2 i had loads of fun using my kung-fu skills,beating random people,customizing myself,spraying shit on people,etc

And i liked SR2 story better...