Given they only made 10 episodes this year and the plan was to air them weekly without repeats, it wont make it until April...much less May no matter how well it does. Come mid March, it's done for the "season".
IMO....networks due nothing to help shows like V, The Event or Flashforward with how they've been scheduled. These shows (no matter if you love them or hate them) are niche type shows that arent going to appeal to a wide audience. Too many people waste time on "reality" shows and the like and arent interested in following a weekly show on a constant basis. If they had screwed with Lost like they did these shows Lost never would have made it past the 1st two seasons. By the time they went to the "short" seasons of Lost they had a loyal audience and knew they werent going to be gaining many viewers at that point anyway but ABC committed to the audience / producers that they were going to get to finish telling the story.
They're making either too few episodes or putting REALLY long breaks in the middle of the season. I enjoyed the Event (and Flashforward), but between the writing on the wall that they are likely not coming back and the fact the viewers are stuck with 3 - 4 month breaks in the middle of the season it's really hard to stay with a show.