It should be noted that upon release there was a rather large issue with random lockups while playing. Rockstar acknowledged this problem and issued a patch within a couple of weeks. The patch seems to have addressed that particular issue but it has produced some less than desirable side effects such as audio stuttering. Most likely this will also be addressed in yet another patch.
Bully has set the bar high in both story and gameplay. If you already experienced the PlayStation 2 version the added content is enough to make another romp in the schoolyard worth your time and money.