Grand Theft Auto V will finally go live later today, the 1st October. The mode takes place a few months prior to the events of the single player campaign.
According to Rockstar, "On October 1st there will be a small downloadable Title Update released on PlayStation Network and Xbox LIVE. Upon installation of that Title Update, direct access to begin GTA Online will be unlocked in your GTAV game menu. You will be able to jump right into GTA Online via the 4th (bottom) slot in your GTAV character wheel."
The developer also reassures GTA Online won't be "pay-to-win" either. "To allay some concerns we’ve heard on this subject, we can assure you that the game is designed such that the option of purchasable GTA$ should not disrupt the playing field – and there are a few mechanics in place to help ensure that," states Rockstar, "All players still have to rank up with Reputation Points (RP) in order to get access to purchase high-end items. No one can begin GTA Online and simply spend a lot of money out of the gate to get a leg up. You will have to earn your stripes and play to unlock access to the aspirational clothes, guns and other items."
The developer can't give an exact time for Online to go live - only that it'll be around 7AM ET (12noon GMT).