I would have easily paid double for this full game sized DLC.
You play as Luis Fernando Lopez, "Gay" Tony Princes bodyguard and friend. The storyline presents you with missions that are over the top enough to feel more like San Andreas than GTA IV, but I wouldn't say that's a bad thing. One missions you blow up a yacht with an attack helicopter, another one has you stealing a part of a train, and yet another has you throwing someone off a skyscraper and parachuting to safety. It really doesn't skip out on action.
Some characters from GTA do return. Brucie Kibbutz is seen in some missions, and Roman Bellic is seen in some cut scenes. Of course not all of them are friendly; Ray Bulgarin does make some appearences, in fact he plays a vital role in the storyline.
The DLC focuses more on the glamor of Liberty Cities Nightlife, in contrast to The Lost and Damneds gritty focus on bikers. This is done by both little things, like quest markers being pink, and big things, like Club Management side missions and the plethora of missions taking place at Maisonnette 9 (one of Tonys nightclubs).
There are two new friends, Armando and Henrique. I didn't find them very likable, but they did have some uses. Henrique can bring you discounted guns, similar to Little Jacob from the original game, but he also sells things the gun shops don't, like sticky bombs. Armando on the other hand, will bring you cars. Eventually you may get some sports cars, but some of the cars are rather useless. For example, can you think of a situation where you would want a mini van?
Base Jumps and Drug Wars stand out as interesting new things to do. Base jumps have Luis jumping from both buildings and helicopters, onto either checkpoints or moving trucks. Drug Wars have you killing off enemy gangs for well, drugs. They pay well and will unlock weapons in your safe house, unfortunatly they do get a little repetitive. Both are required for 100%
I give this value a 9.5/10 and if you are a GTA fan it's a must buy.