I swear I read an interview with Jay indicating it was still going but they were trying to get ahead enough to release the next arc on a real monthly basis. Found it. He actually posted that on 'not this' message board a month ago.
Cancelling Copperhead would be a crime against all that is good in comics. If you haven't already check out Dynamo 5 by Jay from a few years back. I was ready to quit comics all together until that gem popped up.
I tried Dynamo 5's first volume, but it just did not work for me. But Copperhead is one of my favorites ever. I think it's better than the so much hyped Saga.