Today Rockstar Games unveiled the first trailer for Grand Theft Auto V. THQ, the publisher of the competing Saints Row series, isn't worried that the trailer - or the announcement of the game - will overshadow the upcoming release of Saints Row: The Third.

"I went online like everyone to see the GTA trailer," said CEO Brian Farrell in an investor Q&A today. "As you point out, it's a high quality trailer and I think it's going to be another fantastic game in the GTA series."

Farrell believes there's room for both franchises though, and that each occupies their own niche.

"That said, it also shows the completely different positioning of the two games. GTA is still serious and character driven - a very different experience. Saints Row - if you saw our video today - it shows you all the crazy stuff in the game. It's a totally different positioning and if you read the forums it's like 'hey, I love GTA, and I love this game because it's a very different game that knows what it is and is very entertaining."

Fair enough. Grand Theft Auto IV and Saints Row 2 both have very different tones. I wonder whether GTA V will try to bring back a little bit of the wackiness of that series. For example, the trailer showed a fighter jet, which was one of the over-the-top features of Grand Theft Auto: San Andreas.

Saints Row: The Third launches in North America on November 15th. GTA V is due in 2012. The SR3 video Farrell was referencing is posting below, in case you're curious