Scholarship Edition is a great game, glitches aside.
Bully: Scholarship Edition is a port of a last-gen game so you shouldn't be coming into this expecting a pretty game. As someone who has never played the original, I loved it. It's pretty much a T-rated GTA with a few twists. There are many problems though.
This game does a good job keeping you from getting bored. There's usually something to do, be it go to classes, play carnival games, or just be a bully. There are also bike races, go-kart races, job (like mowing lawns and delivering papers)and many more. There's always a mission for you to do, and they are quite varied. There are new classes for this version, and these are all quite fun, and they get more difficult so the last one of each may take a few tries.
But they're pretty much the only hard thing about the game. This game is really easy. I died once during the whole game and never got stuck. The game took me about 25 hours to get 90% completion (including collectibles and things) but that's just because there are so many missions. The story is pretty good, it's no Bioshock, but it's keeps you interested. It's mostly about trying to rule the school by getting the five factions (the nerds, the bullies, the jocks, the greasers, and the townies) to respect you by beating them up. You unlock new parts of the town once you get to certain points, and each act takes you through a new season with a tweak in the environment (i.e. there's snow on the ground in winter.)
The game's main problem is load times. It takes forever to load. You can expect about 30 second load times whenever you go inside, go outside, enter a class, etc. Once you're in town, there are none, but it's annoying waiting just to get into the school gymnasium. Also, it looks ugly, but you can kinda expect that, and it really doesn't hinder the experience. The game crashed for me a couple of times, but you can save your game at pretty much any time, so you'll probably want to do that.
Despite these problems, the game is still very engaging, and will satisfy you until the very end. If you missed it before, it's definitely a worthwhile purchase, but if you hated or played the original, it isn't different enough to suggest buying it.