Spoiler:
sauce: http://www.animenewsnetwork.com/news/2009-12-30/k-on-anime-gets-2nd-season-green-lit
Is this awesome? (Y/Y)
Also seeing how Season 1 covered like 28 chapters, They're going to have to either go slower or start making shit up at some point. Hopefully, it'll be the former so we can look forward to a possible SEASON 3. Also, it depends on whether the manga pulls a Lucky Star by continuing after Yui & Co. graduate, since that'll give the scriptwriter (Yoshida, again, perhaps?) more to work with.
Also, Happy New Year.