I don't know, honestly. Bully had some good things going for it but it was also very underwhelming to me. The whole faction popularity thing was a joke -- the mechanic was rendered useless by the fact that you couldn't really do anything about your popularity among a clique except maybe skip some minor sidequest. The classes could've been both entertaining and educational (imagine that) but apart from a couple of them, they were uninspired and unimaginative.
Also, either the main character was totally overpowered or the plot was his Kryptonite. I think the weak sidekick dude should've been the main character, or just about anyone who was at least initially so weak they couldn't kick everyone's ass outside of cutscenes. It would've been more sensible if there had been a more concrete feeling of threat coming from the cliques so it wouldn't have felt so damn ridiculous to do errands for them when you could just beat the hell out of them as soon as the camera was turned off.
If these things were corrected, I'd be somewhat interested, but I don't think Bully 2 is coming. Bully was a child of its time, so to speak.