"there are multiple gameplay and visual improvements"
"all the games still "retain their classic look and feel"""
These quotes almost sounds like they're contradicting each other
But the way i'm reading it is that it's going to look like the ps2 games, but better/sharper, maybe ray traced like the PC modders did ages ago. If this is the case. R* is wasting their time, money, and resources that should be going towards getting GTA VI out sooner rather than later. These games better at least look like GTA V on PS4, with physics, and all. They've already pissed people off by milking GTA V (I still think people will buy the ps5 version though, not this trilogy if how i understood it is correct).
At least with ND the rumor is they're remaking TLOU1 with TLOU2's engine, and most likely make it a directors cut with Abby DLC, and Factions 2 (people are saying they won't buy that either but they'll be the first in line).
From the little we've seen of GTA V on PS5. It just looks like the PC version that's been out already for years. Just the population density has been turned up, and it has a resolution boost.