There has been plenty of
media coverage of Grand Theft Auto IV. For the most part I disregard the fear mongering "what about The Children" arguments and move on with my life, thinking that The Parents of The Children should be involved in The Children's lives.
Who knows the real statistics, but I have some anecdotal evidence. GTA IV is rated M for 17+ in the USA. If there was an Adults Only rating that would allow the game to be sold in the USA, I'm sure it would have gotten that. I was carded when I purchased my copy (because I obviously look like I'm under 18?) so I imagine most people who purchased the game were as well. We were waiting for some cell phone work and I was flipping through the manual when a girl, no more than 8 years old, comes up to me and says, "I have that game. It's great!" While I can't disagree with her sentiment, I certainly wouldn't let my hypothetical 8 year old watch, much less play, this game.
I guess the little girl's parents thought she could handle it. Or they didn't care enough to look into the content of the game or sit down and play a bit of it. Seriously, after the opening sequence it's at least a PG-13 movie. After any explorative game-play it is obviously on par with a gritty R movie like Usual Suspects or Reservoir Dogs. Stylistic violence, sex, and language.
By the way, it's also a hell of a lot of fun.