That's disappointing for me as I am really looking forward to playing the game. However, I prefer Rockstar to release the game when it's ready, rather than rushing out a poor product. Tight schedules can result in bad games, like last year's Medal of Honor: Warfighter, which EA has decided to stop making as a result. With a game as ambitious and important as Grand Theft Auto V, it's important they get it right.
As you can see from the comment on Rockstar's announcement, lots of fans are pretty upset about the delay. This will all be forgotten when GTA V is released!