Right now it's set for a premiere airing, will be only 2 hours long, and will probably repeat a lot after that. I know that Sci Fi Channel has a five-year option on it, or something crazy like that, once Showtime's done with it.
They have enough material for it to be a series, but I don't think Showtime beleives it'll be popular enough.
I say bullshit to that, but at least we're getting a show for horror fans, by horror fans.