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In a recent Take-2 investors call they made it obvious that GTA5 was coming.
2012 looks likely; I would say Fall 2012, however to avoid Call of Duty and the holiday titles and keep with tradition, they might release it in April-June time.

In such case, shouldn't they have revealed it by now? How long was GTA4 announced before it released?

Anyway, I love GTA! I hope that San Andreas is substantially changed, I would have liked a new city but the countryside in San Andreas is fantastic.

I don't think the location is as solid as a 2012 release however.