Though it's not really a surprise that FOX canceled "Terra Nova," it is surprising that they made the announcement without seeing what happens with "Alcatraz," "The Finder" or "Touch."
While there were some fundamental problems with the quality of the show, it was improving by the end of the series and there were some interesting questions set for next season.
20th Century Fox is now shopping the series to other networks and I would suggest BBC America as the top choice. They've shown a preference for sci-fi programming and have a lot of experience producing quality supernatural shows on a budget, which is "Terra Nova's" main problem.
For the mediocre ratings it produced, it was an extremely expensive show to produce (which is hilarious considering how few dinosaurs we saw.)
If they get the budget under control and find the right path storyline-wise, this could be an enjoyable show.
If BBC America, Syfy and the other obvious networks pass, producers may want to consider Tim's suggestion of taking the story to a comic book. No worries of budgets there, and series like "Buffy the Vampire Slayer" and "Angel" have continued in comics to great success.