Why should they be afraid? GTA sells what? 10-15M? You have what, 140-150M PS360 users out there by then?
It isn't like all of the gamers in the world are only interested in GTA, not to mention this is a handheld game, not a console game.
It's also releasing right before the holiday season, so it's sales should stay steady.
It isn't that big a deal.
iPhone = Great gaming device. Don't agree? Who cares, because you're wrong.
Currently playing:
Final Fantasy VI (iOS), Final Fantasy: Record Keeper (iOS) & Dragon Quest V (iOS)

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