I'm at 80% completion right now, beat the story earlier last night. Obviously completing the main story and strangers/freaks quests will mean you're done with the most entertaining content, but I think it's important to note that doing so took me around 45 hours. Granted, I was also goofing around a bit here and there doing other things, but still....it's a big game.
Also, I personally really enjoy a lot of the side activities. Then you have tons of collectibles to go after if you're a completionist (which I am in games I really like), and you can go back to replay any mission to improve your score to get gold medals and beat your friends. I was very disappointed in GTAIV and it's lack of content besides the drawn out main story, but I have no such complaint with GTA V.
I would change 2 things about this game if I could. Let me play music while on foot, and make my own mix tapes/playlists (as in SR4). I mean hell the smart phones can do everything else right, why not play music? And second, I would have loved the ability to initiate optional heists against certain stores and companies (this would also make the stock market more interesting).