It seems that Oum either overestimated his abilities or underestimated the difficulty of creating his own series. I do love the series and wish it hadn't ended so soon (or for the reason it did), but I have to agree with pang that it's poorly made. The gun weapons were all great though, especially the baseball bat rocket launcher.
@Ishtaron I'm pretty sure it's still being made. With some effort effort, all the roles Monty performed in the production of RWBY can be filled by someone else. Worst case scenario, some characters get killed off if voice actors can't be found. Since RT haven't made a statement one way or the other, we'll just have to wait and see.
RWBY Volume 3 is coming out this year sometime. Note sure when but its coming. Highly doubt they'd try to end a series without even giving it a full season.
Oh and remember guys RWBY has a huge universe. Anything could happen. The Series could get a lot more darker just in one episode and so many amazing things that still need to be explained (like the ancient Grims). The plot is cliche from here and there (mostly Jaune) but the overall plot looks like its going to have quite a bit of twists and turns in it. Compare the 2 volumes to a real anime its only like 5 episodes. Not a lot of development happens in 5 episodes.