Yes. The last episode of the season resolved the Lily Kane murder mystery. The new season will have a new mystery (and as a matter of fact, much of the recurring cast will change -- no more Kanes or Echols).
VM is on UPN, which is the least watched network, so it isn't very well-known. It isn't clear how much better its ratings would be if it were on a stronger network. What is clear to me, at least, is that the premise and foundation for the show is pretty darned weak. It has been tried many times before, without much success. The difference with VW is that they got incredibly lucky and cast Kristen Bell as the lead character. She's converted what is basically a losing proposition into a solo tour de force. She was equally incredible in Reefer Madness. I'm not sure that I'm hoping so much for a long run of VM, just because I think Kristen Bell deserves more exposure.