I'd be ok with either, done right
CEO Strauss Zelnick spoke recently at the Cowen and Company Analyst Conference about the future of the Red Dead and BioShock franchises. Speaking on their stable of IPs, Zelnick stated, "our selective approach, which we’ve taken since ’07 I think has paid off. Now, we have gotten more by taking that approach; we’ve launched one new successful franchise every year and I would like to keep doing that particularly because I talk about permanent franchises, but not everything is going to be a permanent franchise. Some of our great franchises eventually will lose their luster and some will hopefully be permanent.”
Red Dead and BioShock were mentioned in addition to the obvious candidate of more GTA games. Duke Nukem Forever was noted as one of their only true failures. After hearing about how terrible the development process was at Irrational, I think it's time that they moved on and a new studio handled BioShock (revealed to be 2K Marin). I just hope it's good.