Kevin Neece relates Zombie Life TV's parting of ways with Fanboy TV and the Studio midway through Season Three as the next evolution of the show, rather than a permanent cancellation. He views the Zombie Life TV cast as their own personal Monty Python/Kids in the Hall/SNL troupe. The show you saw on television was Zombie Life's Flying Circus, and now the cast and crew have evolved to making Zombie Life and the Holy Grail films, which will be somewhat documentaries of themselves and the events they go to.
Ironically, the show has very little to do with Zombies. It started as a Paranormal Conspiracy Discussion show, then gradually evolves into this Goth Punk Pagan Variety Show. Eddie's attempts to top himself with every episode go so far over the top, that eventually the producers had to talk him down as they felt he had lost focus on what the show was about. He was packing in so many acts that they barely had more than ten minutes of screen time each when they were interesting enough to have entire episodes to themselves. Eddie complied with their demands, calling back some of the guests to expand on their acts, resulting in some of the best discussions of the show's run.