Here's a good interview with the producer in response to the Ain't It Cool News story:
http://www.premiumhollywood.com/2007/11/23/a-chat-with-kevin-falls-producer-of-journeyman/

He basically says the show is not cancelled, but they haven't been picked up for any more than 12 shows. He's hoping they are, but they wrote the 12th episode in a way that it will answer a lot of questions in a series finale sort of way if the show isn't picked up for more.