Bully was a stellar game, no doubt, but I just don't know if it's right for a sequel. I mean, the original game was about Jimmy's triumph over adversity, and the eclectic settings and people of Bullworth Academy/Town. I'm just not sure there's much else that can be said about it that wouldn't come off as a cashgrab.
That said, I've never known Rockstar to release a game solely for the money it would make, so I'm trusting their judgment on this. If anyone can pull off a sequel the right way, it's certainly them.