Given the Golden Compass' enormous budget, the fact it needs existing sequels to continue on the story, and most notable the fact it just isn't bringing the money in... spells doom for this franchise. What respectable or intelligent producer/production company would put more money into something that fundamentally is suffering losses on a financial level?
I could be totally wrong, but I think this movie has the potential to be much worse than we originally thought. Base that on the lack of box office interest, I don't see why anyone would be crazy enough to make two more movies. At this point, I think you would have to cut your losses. If that's the case, (which it could potentially end up being), this movie has no appropriate ending. I don't care how good a book is, if you only read a 150 pages in and it's 450 pages long, you're only 1/3 into the story. It's incomplete, and because of that reason it is insufficient. You don't get to know how things end for the good guys and the bad guys.