OK, I'm not going to touch the whole argument about how much kids are affected here. I will, however, express my disgust for how these games exhibit a total lack of creativity, ingenuity, imagination, and everything else that makes the Human race wonderful.
OK, so you want violence, fine. There's always room for villains... but where are the heroes? Where's the just cause worth fighting for? If you win this Bully game, you think you're a

ing hero? No. You're a thug. There are few things more despicable.
I don't understand how anyone could possibly be better off for playing a game with no human value whatsoever. Ah, I hear you protesting already... fine. Is it inspiring? God, I hope not. Uplifting? Though it may be fun (in the same way that caffeine "gives you energy"), it doesn't nurture that which uplifts us. Beautiful? Don't think so. But the all important question: Is it art? Yes, in the same way that bondage-rape-scat porn is art. And as such, we're too late in trying to ban it.
I simply wish that game developers like Rockstar would reach for better subject matter next time they kick off a brainstorming session. Or better yet... make their OWN subject matter. Take us into new worlds, and use these insanely powerful machines to show us something we've never imagined. That's why we play games isn't it? To escape? It's not much of an escape from real life when I can turn on the 11:00 news and see the same scenes, or go to any playground to see a kid geting picked on.
To Rockstar (and the others dabbling on the same canvas): Aim higher. You're masters with your medium, but your subjects are tasteless. If you can bring such amazing gameplay to *that* kind of material, imagine what you could do if you invented your own. Personally, I'd love to see it, and I'd probably buy it the day it shipped.