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"We determined today that a delay in the launch was essential to ensure the quality of 'Grand Theft Auto IV,' " Zelnick said in the conference call late Monday.

"The reason it is being delayed is almost strictly technological problems — not problems, but challenges," Zelnick said. He said it was a challenge to create an ambitious game for two very different platforms but declined to say what the hitches actually were. "The technology that we're developing for 'Grand Theft Auto IV' is pretty complex. It's a big game. There are technical challenges across the board on both PS3 and 360. Our intention is to create a game that is the same experience on both 360 and PS3. I know that there have been rumors in the market about frame-rate and some other issues. We don't think it's helpful or beneficial to go into what the technological issues are. We are pushing the envelope on both platforms."

Source: http://www.mtv.com/news/articles/1566261/20070802/story.jhtml

Obviously Rockstar wont go into the specifics, but the circumstances still point very strongly towards the added complications for the PS3. All early alpha preview builds for the media were shown on the 360 and the 360 version was the lead version, which means that the 360 version was worked on and finished first. Then Zelnick said he wants both experiences to be the same so obviously the code further in development (360) is what the unfinished code (PS3) needs to be the same with. Its not rocket science.