This is great news. I was more than certain that the show was getting axed, especially with the American Dad renewal. With a short order (no pun intended) of 13 episodes, I'd expect to see this come back next Spring, once they're run through the gamut of AD/Cleveland episodes early in the fall.
If you got turned off by the admittedly-awful first episode, give it another chance. You won't be sorry.
Why I had the channel flipped to PBS to find this announcement, I'll never know. However, on Saturday, 11/25/06, PBS Channel 2 from Boston at 7 PM Eastern will be broadcasting The Electric Company's Greatest Hits and Bits.