Personally, I think it's a good buy.
The gamble is whether GTA 4 will be a hit or not, and it's looking like a hit. If it turns out to be a dud, down goes the stock.
If it is a hit, Take Two could be one of the few stocks out there in a crappy market raising estimates which should attract a lot of money into the stock. They also have Midnight Club Los Angeles coming later this year.