GTA V will be required to be installed in your system. XBox 360 users will be getting 2 discs, where as the PS3 version will just be one.
“Grand Theft Auto 5 is the largest and most ambitious game we have yet created, and takes full advantage of every ounce of processing power available in the current generation of consoles,” Rockstar said.
On Xbox 360, Disc 1 will be used for a one-time mandatory install and Disc 2 will be used to play the game. The initial install will require an Xbox 360 Hard Drive or an external 16GB USB flash drive with at least 8GB of free space. Rockstar confirmed that it must be a USB 2.0 with a minimum 15mb/s read speed. Once installed, you’ll be free to enjoy both Grand Theft Auto 5 and Grand Theft Auto Online without needing to switch discs.
For PS3 users is more simpler, just slip in the disc, install and play.
GTA V is currently slated to launch for Xbox 360 and PS3 on September 17