A fan over at GTAForums has compiled a set of gifs comparingGrand Theft Auto 5’s graphical quality on PlayStation 4 versus PlayStation 3. Surprisingly, it does not lead to improvements across the board.
The PlayStation 4 version is still the better looking version. In terms of graphical detail, lighting, textures, rendering, etc, there is no dispute. However, Rockstar seems to have also saddled the PS4 with poor color correction.
This is, of course, a debatable point, but you can compare the screenshots and come to your own conclusions here. Note that the lighting effects are also different between the two versions, but there is some debate whether this reflects the lighting abilities of the two consoles, or if these shots were taken when the game renders the scenes at different times of day.
Grand Theft Auto 5 will be released on PlayStation 4 and Xbox One on November 18, 2014, and on Windows on January 27, 2015.