Right by now Everyone has had a chance to see the Final episode of what some believe will be just the Season one of Panty and Stocking. If you haven't, then you should probably hurry up and do so, you have less than a month remaining.
I'll wait here for you to watch it if you haven't already.
...
.....
There. Now much like the rest of the series, everyone has different reactions to the end. I believe Aquagaze put it best when he tweeted thus:

GAINAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAX!
(Image added by me. Number of "A"s may be inaccurate.)
I mean, the episode was frigging awesome. Sure, the Ultimate Ghost looked like a giant *beep* and squirted acid *beep* when attacked, and.... er... but woah, I'll be damned if Gainax didn't make it an entertaining ride for us all to enjoy.
And then, just when I think things couldn't get any better, they don't. They got STUPID!

Stocking's a demon? Wha? That makes no sense! Wha? Corset's back? Did he just spawn from Brief's *beep*? That's kinda amusin- A Fetch Quest? WTF!??
Wait a sec, Season 2? But I thought...? What the hell is going on here Gainax? That is the question on our lips after watching this episode. Or it is on mine at least.
So let's take a closer look, shall we?
Of course, wording is everything, so let us look at that cue card thing that has caused so much confusion...

Now if we connect the... Clearly, this bit here is referring to... Ah ah, wait a second. According to several sources I've heard (alright, mostly just Aquagaze), there is definitely no Season 2. No see, I'll tell you what is going to happen. There will be no Panty and Stocking with Garterbelt Season 2. But there will be Brief and Chuck with Garterbelt starting next season as a surprise.
Or the Blu Ray with the episode 13 will be released,... wait for it...
...be patient Grasshopper...
...Know what? I think I'll make you wait a little longer...
...Tell you what, solve Lex Luthor's Maze, then I'll finish...

...now watch Endless Eight or something:
...Next Season.
Or these were my original theories. However, there are endless possibilities. A little later it occurred to me: You know what would be the Ultimate Trolling? If this was all ENTIRELY true, and they do make a Season 2, for Spring or something. Because we all "know" this is some form of trolling, so we're not expecting it to be completely true in the slightest, so Gainax would succeed in trolling the "smart ones", and just make the naive happy.

Now several sources (well one or two maybe) are saying Season 2 is for sure, and that the question is when... And that this is a very up in the air question. So I'm not sure what to believe any more. Gainax seemed to have perfectly trolled us, creating Mass Otaku Confusion with just a a few words, written in white on a black background is a horrid and hard to read font. They could leave us alone for years, and we'd still be arguing about it.
But wait, there is still the 13th Episode, the Blu-ray Special! That is bound to shred some light on the topic. Or more likely, they'll just troll us further. I predict that the 13th episode, will be Just A Normal Episode! So normal in fact, that the Demon Sisters will interrupt proceedings to go something along the lines of the following:

Scanty: "Wait! Wait! What the Fu*beep*?"
Panty: "Eh? What is it now?"
Kneesocks: "What Happened to that To Be Continued? What Happened to Stocking being a Demon? What Happened to that Fetch Quest? What Happened to you being cut into 666 pieces?"
Stocking: "Oh that.... To be continued next season."
Scanty: " But-But-"
Panty: " Sheesh, it even said next season at the time, remember?"
Kneesocks: "But, Wha? Brief! You say something! I mean, So Sources are even saying There will Not be another Season!"
Brief: *Looks it up on the Internet* "And others are saying it is a question of when? The Internet is in complete... er... anarchy! I'm just as confused as you are!"
Panty: "Look, are you lot finished? We need to wrap this fight up and start Season 2..."
Scanty: "Season 2 Isn't That Soon!"
Panty: " Eh? Wait Wait, how long am I going to be cut up for exactly?"
Stocking: *Shrugs*
The way I see it, there is a 50:50 chance of this happening, and a 60:40 chance that in some way or form, the 13th episode is not the continuation.
So, we have to wait for this mythical Second Season? Then everything will be explained for sure, right? Maybe not. Again, I say there's a 40:60 chance that Season 2, if and when we get it, is in no shape or form a continuation of those last few seconds of the Finale, and that it becomes a Complete and Utter ....
...Big Lipped Alligator Moment.
Seriously guys, let's be honest here. It completely fits in with the series for P&S to get a Season 2 and open with P&S fighting another Crap monster. No reference to the Season Finale. No reference to Corset (until much later), and no reference to Brief being a Bishounen(Until, again, towards the end of the season.) No reference to a previous Season At All (Apart from the Demon Sisters, and everyone else acts like they're crazy when they mention it).
As much as I thought that P&S was at its strongest when it has some plot, I can fully see them flushing the plot down the toilet for the first half of the second season. And this time with references to the Otaku Community. I fully expect to see at least One Scene at Gainax HQ, and I'm calling for the Boss to simply be called "Boss", and for the Straight Man employee to be called Willis.
Of course, I'd be shocked if that they do use Aquagaze's characters, but eh, he hasn't copyrighted them, and I'm still calling it.
Taking the ending seriously would only half be in the true spirit of P&S. Them making the next season the same as the first, but with a different Big Bad, the Demon Sisters playing a different role (or perhaps not), different ending, and a few new characters, some of which the cast will pretend were there the entire time.
Though I would Love for the second Season to include a bit more solid plot all the way through this time. To include some continuity. Like, Panty now going steady with Brief, and even being faithful to him, though this just means she jumps on him and *beep*s him whenever she feels like it, wearing the poor guy down immensely. Wait, poor guy? Lucky Bastard! [Clearly, you people have a fetish that needs therapy -- Brad]
And I think someone suggested the Demon Sisters becoming good girls or something. Yeah, that would be cool too, make it slow, make them more friendly rivals, and have them team up for the finale, yeah.
Heck, if I had my way, here is what we'd do with That ending:

The first episode of Season 2 would open like it was a direct continuation. Brief, Chuck, and even the Demon Sisters, all going on a very very quick fetch quest. Mostly montages and stuff. Then, at the end, suddenly Panty and Stocking both jump in, which is kinda weird, since Brief has already brought back Panty at this point. Suddenly it is revealed to have been an illusion created by the Season's new Big Bad, in an attempt to get Brief to open the Next Hell Gate. Big Bad Introduces himself, laughs, legs it. Life, and the series goes on.

However, as the series goes on, elements from the illusion come true. Corset returns. The Demon Sisters turn good. This comes to a head, when Stocking becomes possessed by an Even Bigger Bad, maybe the Biggest Bad of all. Cue Epic Finale Number 2. Cue false ending number 2. Cue false ending 2 actually being true when Season 3 comes about.
It is probably a good thing I don't have my way, as I would have just spoiled it for you all if I did, and that was what was really going to happen. Well, whatever happens, I expect to be entertained.
Or at least, I hope to be.
Now who is going to license the Blu-ray for the UK? and they had better be released in the UK, UNDERSTAND WHOEVER LICENSES THIS IN THE UK! YEAH I'M LOOKING AT YOU! UNDERSTAND!!!??!!?
And oh, I predict that Season 2 will feature a Time Travel episode or two. Maybe one back (they meet Garterbelt before he accepted his mission or something, or maybe before he became Garterbelt?) and maybe one Forward (Back to The Apocalyptic Future where Bad Guys have won.)
Now for my Own Gainax Ending:
"That Was No Gainax Ending. That was just Dumb.""Agreed."Remember, you can Now follow me on Twitter! Maybe next time I'll have an image link to click or something... Until then, click here, or here, or even ....... here!Meanwhile at Gainax HQ...
*Scene, a darkened room. Not much can be seen. Muffled music can be heard. There is also some loud banging at the door, which is soon kicked off the hinges. Panty enters. the light from outside shows some overturned tables and desks, and broken chairs.*
Panty: "Boss! Show Yourself! I Have A Bone To Pick With You! And NO! I DO NOT MEAN BONER!... This time."
*A dishevelled man steps out of the shadows.*
Boss: Shhh, you fool, you'll wake him! ... Wait, is that you, Panty? Oh no, you shouldn't have come here, you shouldn't have com-"
Panty: "Shoout da fuk ulp! And explain this me being cut up for some undetermined period of time!"
Boss: "Errr..."
Panty: "FINE! Tell Me what is going on, then Shuut da fuk ulp! Wait, what did happen here?"
Boss: "Willis, Willis Happened! Willis is the cause of your issue! The Apprentice has Become The Master! THE APPRENTICE HAS BECOME THE MAS-"
Panty: " What the? Where Can I Find Him?"
Boss: "He-he's in my old office, but you don't want to go there..."
Panty: "Like Hell I don't!"
*Panty enters another darkened room. The Muffled music is fully audio now, clearly having come from this location, and is Karma Police.
Someone is sitting at a desk, back turned. A Name card can be see, Boss scratched out, and Willis now written over the top in what looks like blood.*
Panty: "Willis! I have a Boner to Pick... Ah crap messed up my li- wait, what's that music?"
Willis: *Obscured by the back of the chair in which he sits, holding up one hand where it can be seen* "Karma Police by Radiohead. Do you like it? I'm thinking of using it for the Season 2."
Panty: "It is Kinda Coo-"
Willis: "In fact, I'm going to get them to record a whole new album for it!"
Panty: "How long will that take?"
Willis: "Well it was four years last time..."
Panty: *Click* "I AM NOT WAITING THAT LONG!"
Willis: *Spins around in the chair* "Sigh. Panty, Panty, Panty. It has already been about four years since their last album. Also did you forget that your weapon can't hurt humans?"
Panty: "... yes."
Willis: "... You did? Oh I'm Surrounded By IDIOTS!" *Smashes a hand on the desk, breaking it in two* "Anyway, where was I? Oh yes, Season 2 isn't until 2013 anyway... Say, what are you doing in one piece anyway?"
Panty: "Wait? 2013? I'm not Waiting That Long!"
Willis: "You Have no choice in the matter... Stocking, if you would be so kind..."
Panty: "Eh? Stocking? But I left her back at the Studi-OOOO!
*Panty ducks under a swing at the last second*
Panty: "Stocking? What are you doing here?"
StockingClone1: "I am A Demon, Sis..."
Panty: "Wait a second, you're not the real Stocking!"
Willis: "GASP! She's onto us! How could you tell?"
Panty: "The Script says 'StockingClone1'..."
Willis: "Well I suppose I will have to explain now..."
*Willis presses a button, and a bookcase to reveal a giant Tank full of Stocking Clones*
Willis: "Everyone knows that Stocking was the better character and now-"
Panty: "Wait, why are those clones all dead?"
Willis: "Huh? Oh well, turns out Clones kinda need to breathe to live, and well, I kinda forgot to use the special water from Eva."
*Panty and Willis stare at each other, StockingClone1 standing there waiting*
Panty: "Let us just go our separate ways, and never speak of this again."
Willis: "Agreed."
*Boss and Willis not Copyrighted by Aquagaze, so I can do whatever I want with them, Bwahahahaa!