Well it looks like this little freak show has been yanked. I can't really blame the network. I think they finally realized that the show was as boring as Muncie itself.
From The Futon Critic (linked from TV.com):
LOS ANGELES (thefutoncritic.com) -- CBS is putting "Armed & Famous" on the shelf as the network has pulled the series from its schedule effective immediately.
Repeats of "CSI: NY" ("Risk") and "Criminal Minds" (presumably an encore of its Super Bowl episode) will fill the Wednesday, 8:00/7:00c hour on January 31 and February 7 respectively until "Jericho" returns on February 14.
"Armed's" most recent airing drew a 1.4 rating among adults 18-49 (according to Nielsen's fast national data), barely edging out the CW's "Beauty and the Geek" (1.3 rating) for fourth place in its time slot. Said number was also less than half of its premiere audience on January 10 (2.9 rating).
It's not clear when or if the Eye plans to burn off the three remaining episodes of the series.
What will become of international television icon, Eric Estrada?