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I can’t say that I would be surprised if they cancelled it. If anything I’m surprised it has lasted this long. Personally, I liked the first couple episodes I watched, which tends to be the kiss of death for any series (Jericho, Firefly, Invasion, Moonlight, Odyssey 5). I’ve got all the episodes recorded and plan to watch the series, just haven’t because I figured it would get cancelled and I would have one more series end on me with no closure 🙁
As for other options for ratings, as much as I hate to say this the studios are really going to have take a harder look at “product placement” advertising. The technology is moving in a direction that is going to make our standard advertisements obsolete (for me they already are since I skip all of them). To get the ad revenues they are going to have show more Coke cans, Dell laptops, GM trucks, etc. in the shows. As long as it isn’t too overboard it shouldn’t be bad, but I definitely don’t want to hear Peter talking about how great his Iphone is on Heroes for example. When all the ads are built into the production instead of being something “extra” between breaks then any viewing (whether it is on “live” TV, Hulu, DVR, etc.) would be the “real” number for the studios to look at…