My last trip to Liberty City till next gen. I'll miss this town.
I'll start with The Lost and the Damned. The first expansion to GTA 4 offers some fun gameplay, new story and characters and a few new weapons and vehicles. Had I payed 20$ for this separately I would have been a little ticked though. This expansion is pretty short, with not a lot of new content to keep you busy for that long. Still it is a great story to go through and what missions there are tend to be action packed and entertaining. The MC theme throughout this expansion offers a different perspective to the GTA world and helps keep you interested in the npcs. If this expansion were maybe a third or more longer I'd be very pleased with it. Still, as short as it is, it's still fun to play through this short but sweet adventure.
Then there's The Ballad of Gay Tony. This second expansion is almost the exact opposite of it's counterpart. The story is alright, but nothing spectacular. The content however is plentiful. You'll have quite a few missions to keep you busy, vehicles to play around with, weapons to destroy things with and side missions to kill time with. While it won't take quite as long as the original game to complete, the plethora of extra content should more than make of for The Lost and the Damned's lack of content. Parachuting, driving a tank and sticking C4 to various things to blow them up make the trip worthwhile by themselves.
So to sum this up, LATD while short, is definitely worth playing, but TBOGT has all the extra content to make Episodes from Liberty City more than worth the money for any GTA fan.