I'm fairly certain there'd be a third series.

When Rod went back to stop himself from losing his hair, he created a split timeline, the results of which could radically alter the plot from then on, as can be seen by the alternate, brilliantly mulleted Rod. So, I'm under the impression that there will be a third, but, with another full Fist team, who fights against the current one to stop the whole 1984ish senario, or something to that effect. I seriously cannot see there being a third season, storyline-wise.

hujsh wrote The Rod time travel storyline makes no sense to me. If he's stuck in that loop how did future Rod go back in time? Also where did he get his time saw if Steve destroyed it?

That wasn't a future Rod it was a Rod form a different timeline probably one where Rod got the glasses when he and Steve found them as for how he crossed over into a different reality well it could of been Rod's actions weakened the timelines and allowed crossover or that other Rod used a Realitysaw to cut through to our timeline.

After listening to the commentary on the DVD it seems to go give the impression that they are willing to do a third series but whether this has changed since then or maybe the ABC has told them they are not getting a third I don't know. Funnily enough I can't help but think that no news is good news if they had decided to give it up or the ABC had canceled them again I think they’d tell us then again they maybe waiting till all the episodes have aired to break the bad news.