It looked pretty awful on PS3 when compared to PC on max. So this is welcome news indeed, particularly if it will help us get a sequel.
Sleeping Dogs is infinitely better than GTA in design simply because of what they did with the budget and production hangups they had. What's GTA's excuse for its glitches, uninspired game design and lack of ambition in V? Even IV was more ambitious, and most of its flaws were forgivable given the generation shift. Considering how much they pushed boundaries and design with San Andreas, and the lesser budget, it's kind of ridiculous V turned out the way it did. And all that time and money being spent on GTAOnline is definitely not worth a crappier single player experience. Even in single player they act like heists and the missions from them would play a significant role but we get, what, 4 or so of them? Ridiculous.
The biggest flaw with Sleeping Dogs is only a few design decisions and the terribly predictable and awful story. It was truly a wasted opportunity from that perspective but at least they tried and succeeded with new things for gameplay. The game is rather solid given its budgetary constraints. And even if you ignore that, the game is just fun.
It would really be the sweet spot to have GTA for that polished but hollow experience, Saints Row for the off the wall, crazy arcade experience, and Sleeping Dogs for the middle ground and different combat focus.