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The game is in existence but they don't have a release date. That's all it means. You probably don't know, but we were listening to the conference call. The first question of the Q&A session at the end was if Rockstar could put out two titles in one year (trying to ask if GTA V would be this year or next). They beat around the bush with it and said Rockstar is capable but didn't say if they would be doing so. That's the closest remark we got to a release date or period for GTA V.

I think I did all my traveling with the grappling hook/parachute combo (and the jet boost attachment from one of the DLC's), except when the game forced a vehicle on me, or when my destination was so far I had no choice but to fly. I saw so much more of the map that way. That also explains why it took me forever to get through the missions.