Will they be releasing patches or is this a one and done deal?

Of course there will be patches. It's just a question of what will get fixed when. And it should be noted that not everyone experiences the same bugs/glitches, so priority may be based on what's the most common/game-breaking.

So is there a chance bugs that were never fixed in last gen could be fixed for next gen?

Maybe.

I have a feeling that they are more looking at what has been added with the new version and not going to look to much into fixing bugs and glitches that were in the game earlier. If they did then we would have seen more fixes. Most likely the fixes that happened might have been due to changing to 64 bit engine.

It looks like we might get a few patches, theres already been 2 day 1 patches and theres an upcoming audio patch to address the quality problems. Where not going to get any new content patches though, only fixes.