Alright, well, we tried it. It was an absolute blast and totally brought a new dimension to the Multiplayer experience. Definitely the most fun I've ever had on GTA IV and I've had it since launch.
Pro Tip: If you're getting bored with GTA IV, find a close friend with the same system as you and play it together... hours of enjoyment will follow.
@DarkKingBernard - Naw, but one of my best friends who only lives a quarter mile away has had a PS3 at his house the whole time. We have coffee together before work everyday, but today we just brought his PS3 over and went and got another copy of GTA IV EOLC - for $20.00 too. Very fun and successful morning.
@baz-brown - I only race for fun and do random stuff in Free Mode... not really into the other types of games.