Felicia Day is currently in the process of writing the episodes, with plans to begin production in June. With regards to the plot, cards are being kept very close to Day's chest, though she has said that "the cliffhanger in Season 2 is pretty dramatic, and the repercussions of that will be felt by the guild [in season 3]. Expect a lot of real-life distractions for the characters and some hurt feelings from the last season."
We'll be there with bells on. In the meantime, The Guild fans can pre-order the season 2 DVD at Amazon in preparation for its May 19 release.