I personally just finished this series. Yes i know i am behind. I have to say i agree with most of these theories and in my mind saw this as the best series i have seen yet. It captured my immagination and made me want see more and more. The ending was more than good and deserves it's credit. I have spent many hours searching for a third series. I have found 1 that i am going to check out tomorow called Code Geass Hangyaku of the rebellion which i found on this very websight. This may just be the orriginal series in japaneese/other language but i do intend to check into it. I have reshearched the ending to the R2 series and i agree with most that HE IS ALIVE. Too many signs point to that conclusion and i believe based on many other anime series with a similar plot line ending like this that he truthfully IS alive and they may be another series. I am still debateing weather i want to see a third series for i do not want it to ruin my high standings of Code Geass but i would also love to see more of this legendary series. I don't know about you guys but i believe (based on other anime series) that there will be a third series with the unborn baby seen in the last episode being the main character. I believe lulu will become a 2nd-arry character similar to what CC was in these 2 series. I believe it will take place MANY years after the end of these series when the peace that was installed starts to collaps and she will try to restore it. Tentions between the past with lulu and her will be stretched and i think lulu somewhere in the middle of the series will become the enemy of this girl in a war for the truth but these 2 characters will pass that off as a war of justice or something similar to the last 2 series. In the end some HIGHER common enemy of the 2 will arrise (as 1 usually does) and they will work together to beat him late in the series. I think in that battle the girl will take a deadly blow and lulu will give her his code and take her place and that CC will find a way or die which will rejoin her and her now dead brother VV (from R2) and in the end the new girl will carry on mantle of Geass. This is only a prediction and possibly (addmittably) a fantasy. My ideals of keeping a anime good and wanting to see more conflict my interest so i am in no place to make the decision but in my opinion i must say this. If they make a crapy 3rd series it's going to throw my respect for Sunrise into a very bad position. Give your responce if you like but i say again... i do not know weather there will be a 3rd series or weather i WANT there to be 1. But i can always think up my own series if i have to. Maby 1 day i will write everyones anime and then these decisions can be made by everyone based on opinion.
P.S. If there was a 3rd series... who would you want to see as the main character?