Here is a study of GTA V’s graphics being dissected frame by frame. Kudos to Adrian Courrèges for the effort put into appreciating the game from a development point of view.

[Excerpt taken from Original]

Having played it on PS3 I was quite impressed by the level of polish and the technical quality of the game.
Nothing kills immersion more than a loading screen: in GTA V you can play for hours, drive hundreds of kilometers into a huge open-world without a single interruption. Considering the heavy streaming of assets going on and the specs of the PS3 (256MB RAM and 256MB of video memory) I’m amazed the game doesn’t crash after 20 minutes, it’s a real technical prowess.

Here I will be talking about the PC version in DirectX 11 mode, which eats up several GBs of memory from both the RAM and the GPU. Even if my observations are PC-specific, I believe many can apply to the PS4 and to a certain extend the PS3.