Listen to a bit of the dialog from Grand Theft Auto IV, the newest release of the game classic that has come to epitomize violent gaming, and you’ll think you’re listening to a parody of a bad gangster movie. The game features an illegal Eastern European immigrant as a low-life thug trying to get his piece of the American Dream the easy way, through petty crime and womanizing.

Take-Two, the company that created the Grand Theft Auto franchise, is anticipating $400 million in sales in just one week. The Entertainment Software Rating Board (ESRB) rates the game “M” for “Mature” (meaning you must be 17 and up to purchase the game), labeling the game as containing: Intense Violence, Blood, Strong Language, Strong Sexual Content, Partial Nudity, Use of Drugs and Alcohol. You get to play the part of the gangster, roaming around Liberty City (which is a dead-ringer for NYC). The game is filled with violence and blood, augmented with a lifestyle of sex: prostitutes, lap dances, and adult clubs. The language is explicit and often foul. The characters are not adverse to driving drunk.

Grand Theft Auto IV is the latest poster child for parents who are troubled with the content in video games. There are two schools of thought. One argues that playing violent, misogynistic video games has nothing to do with real life and that it’s a perfectly acceptable way for kids to blow off some steam. The other argues that the lack of morality in this game, along with graphic violence and gratuitous sex, is going to do serious harm.

A recent study undertaken by Jane Barnett from Middlesex University found that video games make players less violent. “There were actually higher levels of relaxation before and after playing the game as opposed to experiencing anger, but this very much depended on personality type,” says Barnett.

What makes the Grand Theft Auto arguments particularly tricky is that it’s actually a good game, filled with satire, clever writing, and a good story. I scanned some of the reviews looking for consensus or guidance for parents and here’s what I found.

WhatTheyPlay.com has the definitive information for parents–an 11 point walkthrough of the game from a parent’s perspective. Yes, there is sex says the review–three levels of being serviced, including a lap dance, to be exact. But you don’t actually see any sex acts being performed. The violence is more graphic than ever thanks to the new prowess of the PlayStation 3 and Xbox 360 platforms. You’ll get to see bullets ripping into flesh and blood spurting. And the game is filled with foul language, lewd remarks, and political insinuations. It’s also a social satire on life in America, replete with a dark look at politics. The review goes on to explain the game’s online modes where you can play with others or even download soundtracks. Most interesting is that WhatTheyPlay has a companion story that interviews a number of kids, ages 13 and older, who are planning to play the game and explain why. Either their parents simply don’t monitor video games, or they think it’s not a problem. Make this a must read.

Common Sense Media, a site that reviews children’s media, makes it crystal clear to parents that this is not a game for kids. “You can shoot a police officer; drink and drive; lead a life of crime; engage in sexual acts with prostitutes; features pole dancers and lap dancers at a men’s club; and is laced with profane language that pushes the envelope,” they say. If you’re under 17 you just shouldn’t be playing this game.

Over at IGN, where the audience is not parents, they’re calling Grand Theft Auto IV the best of the series, praising the scenes, story, and dialog. Most gaming sites agree that it’s a terrifically innovative game.

Coupled with previous versions, Grand Theft Auto is an $800 million franchise. But the reviews make it clear that the game was not intended for children. The good news is that there are now more outlets than ever for parents to get an honest assessment of controversial video games. The bad news is that all of the media attention to this game makes it a veritable apple in Eden. Kids will want to taste its forbidden fruits all the more when they are forbidden.

My take is that Grand Theft IV is not child’s play. That said, I think that some, ages 15 and above who are mature and sensible, will not be harmed by experiencing the game. My own son played an earlier version of Grand Theft auto when he was about 14. I wasn’t happy about his desire to spend hours playing the game, but I encouraged him to “finish it up” and “get it out of the house.”