Yup, if you liked GTA3, you'll at really like this game.
There's even more stuff to do and the environments bigger and more complex. You can go inside several buildings.
The graphics are much better
It's at least as funny, if not more so. There've been quite a few times I've had to pause because I was laughing so much.
While a few fairly small things changed in GTA3 as you progressed through the game, quite a bit changes in VC. It's even fun to look around the hideouts after missions to see what else has shown up there.
The pedestrian and gang AI is more complex, and they'll react differently in various situations. There are also more types of peds.
The police are much better. One particularly cool thing, is when you get enough stars for the SWAT teams to come, they don't just use the vans like in GTA3, but will also rappel down from the helicopter.
While you went through all the stuff in GTA3 and wound up, even with 100%, basically still a guy for hire, you do move up through the power structure in VC. This also makes money more of an issue in this game. In GTA3 it was basically just there.
And (POSSIBLE MINOR SPOILER BELOW)
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(you won't have gangs peeved at you very early in the game, making it difficult to do the side stuff; anyone who tried to run the race in GTA3 after leaving the first island may be relieved at that)
One thing though. There is a lot of mature content in the game. So, if that bothers anyone, it's best not to get it.