If you can overlook the fact that Scholarship Edition is clearly a PS2 game in 360 clothes, it's still a fun and absorbing playground romp. To CVG it's one of Rockstar's best non-GTA outputs to date.
Owners of the original aren't going to get much from the eight new missions and multiplayer modes (which are about as exciting as they look). But if you missed Bully the first time around Scholarship Edition wouldn't be a bad purchase. But neither would the PS2 version you'll surly be able to find for a fiver.