1 Wikipedia already mentions it. According to Mainichi News (in the comments in the original link), the last ep has been shelved permanently.
There are only three bad ending out of 20, but they're pretty bloody. The male lead is such an indecisive womanizer that some fans of the game that the anime is based on consider the "good ending" to be the one where he dies. Some of the comments seem to be on the same wavelength.

2 Arrgh no! no! I've been waiting for that episode! Damn it all to hell! I need to know who died and how! Arrgh!!!

3 Sorry for the second post, but I hit "post" by mistake before I was finished....

I've been watching "School Days" and I think you're right, SDB: I know you don't like angst, and this one required about a truckload of it. As a longtime "Marmalade Boy" and "Hana Yori Dango" fan, tho, I can take it!

But the way ep 11 ended, there isn't so much as a clue as to what comes next, and I was anticipating a bad end for the male lead, who is a jerk. (I wrote a couple spoiler-laden blog entries about the series.)

The good news is that the producers of the show apparently didn't go for the ending of maximum cheesitude, anyway. That is some (small) consolation. For not getting to see the end! Argh

4 It gets better.

Having the last episode be bloody is hardly a surprise. We're talking about a game for which the first licensed goods included a cleaver and a butcher knife monogrammed with the game's logo (in fact, I saw the cutlery before I ever saw the game.)

Apparently some of the scenery shots ended up on 4chan, where one anonymous wag posted "Nice boat." as his entire comment on the situation, along with a shot of a boat in the scenery.

In a bizarre twist, somebody took a screen shot and back-imported it into Japan, where it has rapidly become a meme - the Nico video of the scenery program now has dozens of "NICE BOAT" comments on it. I guess it's the funniest thing in the world if you're Japanese. ;p Good to know that they're keeping a sense of humor about the whole thing...

5 A bad ending, indeed... and a little disappointing, as I'm watching the show.  C'mon, AT-X!

6 At least, they'll include it in the DVD. It'll probably be the "good ending" from the speculation on the thread. If anyone likes the char designs but doesn't want the violence, there's an alternate version of the h-game the anime is based on called Summer Days, with no bloodshed and Setsuna as the main female. Maybe someone will make an anime of that. And there's always School Rumble,  with no real violence and no angst.

7 argh! I can't believe I put up with this show and they're not even going to show us the money shot! I'm pretty sure we were going to get the "good (horrific) ending" but still, imagining it isn't enough - I want to see that SOB get what he so richly deserves.