Another advantage of pulling the plug now as opposed to in May is it allows the show's stars to audition for fall pilots. Case in point: Gretchen Mol is currently in talks to join ABC's adaptation of The Witches of Eastwick.

http://ausiellofiles.ew.com/

I really like Gretchen and it sucks that LOM is getting cancelled but maybe the Witches of Eastwick could work for her if it gets picked up.