I have a few graphical problems with GTA IV. I am way in the green on terms of performance and all that but I tend to face bad looking GTA IV as I spend more time on it till I quit. Is EFLC much better for this, does it run better?

I don't think there's a huge difference between IV and EFLC. If anything I prefer EFLC for its variety of weapons, missions and gameplay. It does, however, lack support from most modders out there, so you have to dig a bit more for those great mods.

Personally I only play EFLC.

Some people is saying that EfLC suffers memory leaks regularly.

I would go with a new copy of GTA IV or wait until GTA V.

If your computer can't handle GTA IV, it's not going to run any better.

In terms of content people prefer EFLC more.