I think that TSCC will probably finish its back 9 episodes on Fox, but after that things are going to get very gray. I think it's possible that Fox will renew TSCC for a third season, but not likely. They put it out to pasture on Friday nights to see if it would stick, and it's not sticking. It's holding at around 5 million or so viewers if you include DVR and online viewings, but the problem is that the live viewings are still in rapid decline. It's Fox's fault for putting it in such a terrible time slot since non-live viewings are clearly increasing as the live viewings decrease, but unfortunately in this day and age, the Nielson live ratings are still a network's primary concern.
If Fox does in fact drop TSCC, it doesn't necessarily mean death for the show. The show has a very loyal fanbase of about 5 million viewers who are watching the show every week, even if the crappy time slot is making it impossible to watch it live. If Warner Bros. decides to shop it around to other networks (which seems plausible, given that WB is banking big on the Terminator franchise as a whole), there's a good chance that it could make the jump to cable, and end up on a network like Scifi. I'm certain that the fans of the show will follow it to another network if it moves, and hopefully the production values remain similar to what we've come to expect even if it moves to Scifi.
Oh, that's freaking brilliant. Go into a thread full of Terminator fans, and then bash it. Terminator was my favorite show, but your audacity has caused me to drastically re-think my fandom, so now I hate it. Thank you for showing me the light.