Bug prediction is aimed at identifying software artifacts that are more likely to be defective in the future. Most approaches defined so far target the prediction of bugs at class/file level. Nevertheless, past research has provided evidence that this granularity is too coarse-grained for its use in practice. As a consequence, researchers have started proposing defect prediction models targeting a finer granularity (particularly method-level granularity), providing promising evidence that it is possible to operate at this level. Particularly, models mixing product and process metrics provided the best results. We present a study in which we first replicate previous research on method-level bug-prediction, by using different systems and timespans. Afterwards, based on the limitations of existing research, we (1) re-evaluate method-level bug prediction models more realistically and (2) analyze whether alternative features based on textual aspects, code smells, and developer-related factors can be exploited to improve method-level bug prediction abilities. Key results of our study include that (1) the performance of the previously proposed models, tested using the same strategy but on different systems/timespans, is confirmed; but, (2) when evaluated with a more practical strategy, all the models show a dramatic drop in performance, with results close to that of a random classifier. Finally, we find that (3) the contribution of alternative features within such models is limited and unable to improve the prediction capabilities significantly. As a consequence, our replication and negative results indicate that method-level bug prediction is still an open challenge.