It was originally supposed to be an expansion for SR3, but they decided to just make a whole new game out of it. I wish they would have put more thought and time into it though, seems rushed.
Yup. I can understand it if they need funding for their next-gen project, but they should have called it Saints Row III: *Sub-Title* and sold it for $30.
I was unaware that this was meant to be another expansion... but rewatching the trailer, it looks exactly the same as Saints Row The Third in terms of graphics and gameplay... hm. Not sure how I feel about this now.