There was a thread about this a couple months ago. I personally am really really sad that Episode III will conclude the series. Xenosaga episode I and II have become some of my favorite non-Square RPGs of all time. I absolutely loved both of the games and pretty much disagreed with every negative thing that people had to say about them.

Man, I don't even know what else to say. It sucks that they're not going all the way through with the six originally planned episodes but I guess that's just how it goes. Can't wait for III.