I think a spin-off'll be made, but I don't believe a third season of this universe will ever be made. I think it's a perfect ending.
Alive or not, I doubt Lelouche is EVER going to be seen by anyone again. He know the importance of his role more than anyone. For Lelouche to live, I can see two reasons for it:
1.) Promise with C.C.
2.) To be believable, he has to trick even the people he loves. He's done it countless times. He might still be planning to use his immortality to make sure mankind goes in the right direction.
3.) C.C. took initiative and gave Lelouche immortality selfishly(IE, she loved him.)
Can also be a combo. (Only possibles to why based on character personalities.)
His death, alternate meaning to his last words that would mean his death:
C.C. will actually be giving Suzaku Geass. Lelouche said that he would have to live with that mask forever. Might just be a figure of speech and he just means for the rest of his life.
I'll admit, though. I had some water works forming when Nunnally why over Lelouche's body screaming. I think many of the old teammates of his understood his role, thus why all the horrified faces. I hope they did realize what kind of sacrifice he made for the sake of the world.(I'm sure his prime reason was still for Nunnaly.
ZeroOBK wrote...
Anyway, here's to the inevitable release of the OVA, "Code Orange - Jeremiah of the Orange Farm". You know that they're going to do it.
You get REP for that one. *water shot out his nose*