Scholarship Edition is a pretty good port that will help you pass the time between now and GTA IV.
Bully is the story of ugly hooligan Jimmy Hopkins whose parents pretty much hate him cus he's an evil little 15 year old so they send him to Bullworth Academy to get straightened out. While out Bullworth, Jimmy will encounter all your stereotypical clques, crazy teachers, and that one crazy kid who has a plan to take over the school... yeah.
Gameplay wise, Bully is very much like its uncle that your dad hates because he's cooler than you, aka Grand Theft Auto. Don't let anyone tell you that they're completely different games, cus they're not. The scenario is different, but gameplay wise they're pretty much the same. You run around a big open world, do missions, beat up kids, wreak teenage havok, run from prefects, ect. The story is mostly progressed by objectives and every once and a while you'll want to go to classes in order to up your ability to make things like fireworks or mack on the ladies better. There is nothing that new here going on, but never the less it's enjoyable.
Technically speaking the game is pretty terrible. I've always said the Renderware engine looks pretty bad and this is no difference. Don't get me wrong the 360 version looks leaps and bounds better than the PS2 and Wii version since it has better textures and lighting, but still... this game isn't winning any rewards. Two gripes I have are the fact that Jimmy is just so ugly to look at and for some reason everyone's ring and pinky finger are stuck together. Audio wise, the game is completely different. The voice acting is top notch with your classic Rockstar wit. The best is when you're walking through the halls of school and you hear someone say something like "man it itches down there." Like I said, classic Rockstar.
Overall, do you NEED to play Bully? No. Should you? If you haven't I'd say yes. It is definitely an enjoyable game that will get you in the mood for GTAIV later this month.