Glad you enjoyed it as much as I did, it's sad that it hasn't gotten more attention as it really is brilliant... Couldn't possibly add anything to your great Sir-Balonesque review, hehe... :D I really liked the Inuit angle of the story, it kind of gives a different view of the events and the monster; just like they said in that article, it surely was the scary antagonist for the British sailors stranded in the Arctic, but for the Inuits, it was a part of their mythology (based on their god of death?), sort of protecting them from the invading interlopers... Also, I was extremely fascinated by the historical accuracy of the show, from the actual names of the crew members to the technical details of the expedition, the show's gritty realism is amazing.
As for potential season two, it seems like they are interested in running the series as an anthology, but they'd be covering a completely new story (also based on historical events) in a similar manner, but it surely will not be a continuation of this one! So each season = a standalone story. That could definitely work, and I think there are so many stories to tell...