Well the most recent news I've seen says that the show received a penalty commitment from Fox, which as I understand it means that somebody's pocket gets hit if the show doesn't get at least an episode. So cancellation is looking not so likely for preproduction, I bet we'll see at least an episode.
EDIT: Found a link to an article that says so.
http://www.dreadcentral.com/story/fo...f-show-bitches