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Two websites, two different views:

The TV Addict – Good News:
Working in its favor: The show seems to get funnier week after week. Plus, if there’s one thing NBC does do right, it’s nurture ratings anemic freshman comedies (see: THE OFFICE, PARKS AND RECREATION and 30 ROCK)
Working against it: Emphasis on ‘ratings anemic,’ with COMMUNITY averaging a mere five million viewers and regularly coming fourth in its timeslot.
Renewal Odds: Positive.

TV Squad:
As for the comedies, ‘Community’ is weak ratings wise, but so is ‘Parks & Recreation.’ If one has to go to make way for new product, it’ll be ‘Community.’ Still to be determined is ‘Parenthood,’ which has aired yet. NBC needs a massive cardiac jolt so don’t be shocked to see nice shows like ‘Community’ and ‘Mercy’ dumped. It’s not fair, but that’s TV.

We are still hoping for the best…

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From 8-8:30 p.m. ET, “Community” (2.2/7 in 18-49, 5.2 million viewers overall) is up versus its prior original telecast by 5 percent in 18-49 rating (2.2 vs. 2.1)and 10 percent in total viewers (5.2 million vs. 4.8 million). “Community” is currently #2 or tied for #2 among the major networks in the slot in adults 18-34, men 18-49 and men 25-54 and is #1 in men 18-34. Last night’s “Community” is up 29 percent versus NBC’s 18-49 average in the time period this season prior to the “Community” debut in the slot (2.2 vs. 1.7).

Source: rbr

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TV By The Numbers updated their prediction for Community:

Now that Parks & Recreation has been renewed for a third season, I don’t see how NBC can not renew Community as well. It’s got the more difficult 8pm timeslot, and its doing about 10% better in the ratings.

We hope they are right!

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DVR Play Ground gave NBC a “D” in their Mid-Season report card. One of the bright points– Community:
The Good: The Biggest Loser. Three words that not only sum up NBC’s only bright-spot ratings wise this fall, but also the fact that the downward losing spiral that the Peacock Network currently finds itself in has not just one, but two benefits for us TV Addicts. (1) It has set the network’s bar for renewal far lower, allowing little-watched laughers such as PARKS AND RECREATION, 30 ROCK (and hopefully COMMUNITY) to flourish, and (2) Forced NBC to try harder, as evidence by recent deals that has the network paying top dollar for big name talent such as J.J. Abrams and David Tennant.

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From 8-8:30 p.m. ET, “Community” averaged a 2.0 rating, 6 share in adults 18-49 and 5.1 million viewers overall. In the time period, “Community” is #1 among the major networks in adults 18-34 and men 18-34. Last night’s “Community” is up 17% versus NBC’s 18-49 season average in the time period this season prior to the “Community” debut in the slot (2.0 vs. 1.7).

[Source: RBR]