It's set in San Andreas
The trailer opens with several scenes of the San Andreas beach front, complete with palm trees, and scenes of the Vinewood sign. So yep, GTA V will indeed be set in San Andreas. The song in the trailer is called Ogden's Nut Gone Flake by Small Faces.
It's set in the present day
GTA V will be set in the present day, as seen by the vehicles and architecture of the city, there also appears to be an emphasis on the present-day recession. Speaking of which...
It focuses on the recession
...the trailer also shows scenes of homes being sold, homeless people begging for change on the streets, and people sleeping rough in tents beside an underpass. This fits into the five-dollar bill motif of the 'V' in the GTA V logo.
Could the character's monologue suggest that his wealthy lifestyle falls apart amid the recession, that forces him to turn to a life of crime? It's anyone's guess right now, but that would make for a superb plot.
The main character wants to escape crime
The male voiceover explains that the chaacter moved to San Andreas to escape 'that life', and is quickly followed up by a scene of masked men bursting out of a truck and robbing a bank.
In true GTA tradition, the lead character looks to make amends for his past life of crime, but we can probably assume that this won't work out. The main character is blatantly wealthy and wants to live a lush life in San Andreas.
This is a family story
The lead character talks about his kids, and it has often been rumoured that the plot will focus on the De Silva family; three of them to be precise. This little line actually lends credibility to the rumour, which first originated during a casting call for the GTA V voice actors.
If the rumour is true, then the names of the De Silva brothers will be Simon, Albert and Kevin.
Multiple playable characters?
There have been many GTA V rumours over the last few months that seem to suggest that the game will be played out across three central characters, which again lends the De Silva rumour plenty of credibility.
The fact that there is no central character shown in the trailer suggets that the focus will be split across mutliple personas. Every GTA trailer since GTA III has focused on, and shown extensively, the main character. So why not this one? However...
One character does get more screen time
The middle aged man seen looking out across the city about halfway through the trailer is presumably one of the main characters. He is also seen working in a crop field and robbing a bank.
Both of which could be results of the recession causing him to lose all of his money.
There will be golf carts again
Not seen since Vice City and the GTA IV expansions, GTA V will feature a golf course, and if you look to the left of the golf scene, you can spot a golf cart that is just ripe for stealing.
Mt. Chilead will return
The massive mountain range from GTA: San Andreas, Mt. Chilead will return, as seen in a brief scene showing a trio of hikers walking towards the summit. So base jumping will hopefully return.
The countryside can be explored
There is also a scene that show a group of farmers working in a field of crops, as a crop dusting plane flies overhead. Comined with the scene of Mt. Chilead, it seems that the countryside can be explored.
Jets and choppers will return
Shown a few times throughout the trailer, jets and planes can be seen flying above the city, and in true San Andreas style, it would be superb if the lead character can pilot them.
There are jetskis
This isn't a mssive deal, but just imagine insane jumps on the water. Yeah, now you're keen right?
There are outdoor gyms
Seen in the trailer on the San Andreas version of muscle beach, there is an outdoor gym full of guys working out. Could this signify a return of the skinny-buff-fat exercise system from San Andreas.
There might greater character customisation
Throughout the trailer there are shots of piercing shops, and a range of other outlets that suggest that the San Andreas customisation mechanic might be making a return in GTA V.
Hookers will return
Yep, they're in the trailer, seen approaching a parked car. But to be honest, this was always going to happen wasn't it?