There's already plenty of speculation that Lelouche is alive and well. Off the top of my head...:

a) C.C. is talking at the end of the episode and ends it with a "Right, Lelouche?" Given the upward tilt of her head and raised pitch of her voice, it would seem to imply that she's speaking to the driver, whose face has been completely covered the whole time. There was someone who made a graphic showing the driver's hair was the same palette as Lelouch's, but that's just way out there.

b) When Nunally touches Lelouche as he's dying, she sees all of his memories and understands just what exactly has gone on. There was a similar event between Suzaku and C.C., so it's reasonable to assume this memory exchange occurs when someone has a Code. So: Lelouche has a Code (and is thus unable to die)?

c) In the Sword of Akasha, Lelouche has a confrontation with Charles who, as you know, has a Code situated on his right palm. At one point Charles grabs Lelouche's throat with his right hand. When he disappears, neither Charles' palm or Lelouche's throat are visible. The speculation is that Charles transfered his Code to Lelouche at that time.

Of course, even if he were immortal and still alive after his stabbing, it would've been a real pain to get the body out of there with the mob incoming. On the other hand, Jeremiah is just awesome like that, so whatev.

but bringing people back to life is just a cheap way so i like to believe it ended the way it did. If they decided on some extra episodes I can only imagine it would be someone who actually got corrupted with some geass and tries to follow luluoche's footsteps in trying to take over the world and many people will die such as C.C, Xian Xe and tougu as to just finish off the series for good.

Okay, I just finished watching it. I rewatched Season 1 and then watched 2. Must say that I enjoyed the ending considerably :3

However, I don't side with the idea that Lelouche is alive. I'm just gonna look to Saka's post since that's the one I saw up top here =x

a) She's looking up to the sky. TALKIN' TO HEAVEN, MAAAAN.

b) I didn't see it as magical memory touch goooo~ but moreso her mind putting all the pieces together of what he was doing. Cued off of her seeing him with a smile on his corpse.

c) I think folks were just digging at this one :0

The anime seemed the type that would've walked out and said "yes, he is alive". I think some folks are just trying to make what they will of the ending. I figured it very much hammered things down. Still, I would've liked a bit more focus on Suzuku in regards to him only being Zero from that point on.

LeLouche = RuRuushu = R.R. = R2 (like C.C. being pronounced C2)

I'VE CRACKED THE CODE LELOUCHE IS ALIVE

I don't really care if he is alive or dead, but I think it's great that there's seemingly enough evidence to go either way. Speculation about this sort of thing (as compared to shipping wars) is great.