Despite a strong first month in sales (estimated at 250,000 units worldwide) that was backed by critical acclaim, Bully's popularity at retail has quickly dwindled. Wedbush Morgan Securities Managing Director of Research Michael Pachter projects Bully will peak around 800,000 units sold; generating roughly $24 million in revenue. While that might sound rich, Pachter calls it a wash for Take-Two. "I would NOT expect a sequel," Pachter emphasized to GamePolitics.
If Jimmy Hopkins' video game career is indeed one and done then it would go against Rockstar's standard practice (presumably encouraged by Take-Two). The developer has always molded its titles into series; The Warriors being the only Rockstar game that has yet to be revisited* (sequels to Manhunt & Red Dead Revolver are in the works). At the very least, we would expect Bully to be ported to PSP.
*A PSP port of The Warriors is in the works.