IT needs a graphical overhaul, soft shadows turning off option as they are shockingly badly done most obvious when driving under the L-tracks(train tracks) where the checker effect of shadows and all the "soft edges" look ruddy terrible.
THe biggest fix should be doable, more memory, more car models in memory at any time. 360 verison, in a crap car 70% of cars that spawn around are the same with 2-3 equal level quality cars spawning, and almost impossible to find anything good unless at a specific spawn point like the car store just over the bridge. Once you pick up a top end sports car, suddenly every other car is a sports car, its a joke and irritating trying to get good cars. A realistic situation would be keeping your car after missions, so you find a good car and you can keep it unless you blow it up or leave it on purpose.
As for the story, same as what was said above about it being generic dialogue from every samey Mafia flick/tv show in the past 30 years. Boring, cliche'd, awful cut scenes with nothing worthwhile happening in them, nothing memorable and overall the story just didn't even remotely come close to sucking me in. Mostly because the story is just crap, the main theme is stupid, slow and little point behind it. Going around being various peoples *****, murdering anyone for any reason despite hating being in the war and killing people...... makes perfect sense.
Other games, being able to move up basically, buy property and business's makes sense, you have a real goal and a reason for doing what you do. Shame, the detail in design of the city is great, the actual visuals are massively let down by the power available(seeming inefficiency of the engine to a large degree) and certain settings. But really, thats all it has going for it. It is fun to play, in short bursts, it feels like the same mission over and over though, fairly decent aiming/driving systems make it semi-decent to good but will never be better than that due to poo story.