That does look fantastic. Have just finished playing The Lost & The Damned and making a start on TBOGT. What kinda performance penalty does that mod incur?
A very big one. Some nice mods are around but if you want to run all the mega high res texture mods, 2560 x 1440 res, highest settings then its going to cripple an i7, SLI setup
Ive had mine down to 10fps with mods - [email protected], 570GTX, 4gb ram
It did look stunning though. I found turning some things down slightly got me around 25fps, more than playable and still looking near that screenshot above
edit - not quite as stunning, but still nice...
http://i604.photobucket.com/albums/tt124/guest2/GTAIV2011-09-1423-16-25-83.jpg
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& yeah the gfx especially with mods looks stunning but even without mods on Core i7 & 1.5GB Vram GPU look very good still & the playability is the same but you need up to 32GB HD space to install GTA4 + the 2 DLC packs 
