Pros: classic GTA, continuing from GTA III
Cons: small world, the graphics could be better.

well, san andreas is a tough one to follow, but liberty city stories could have been a lot better. Granted, it was originally meant to be for the PSP, but it still should have been modified for the PS2 which had just witnessed the greatness of San andreas.
Of course, if you're a GTA fan, you will still love it, but there isn't much interactivity with the character as in San andreas, the good thing is that it's connected to GTA III so you can still enjoy this if you enjoyed that one.
The world is much smaller than GTA SA and there isn't a lot of stuff to do in free roam mode like it's predecessor, but it is still worth a buy.