Its defiantly worth it on the PC, the game looks great. There is a user made patch that reverts the game back to 1.01. I myself haven't installed it but its out there. Check various GTA fan site forums for it.
While playing the game I only encountered one flaw and that is the game doesn't like dual/multi core PCs. The game runs fine for a while but eventually speeds up. It is an easy fix by just setting the affinity to a single core and the game with run like it should.