It sounds like its all but official that Community got renewed for a 5th season.
Honestly, I think it could have potential. The new showrunners need to do their own thing with it. They spent too much time this season trying to mimic Dan Harmon (and honestly, he was starting to run on fumes during S3) but getting the nod for a 5th season is big, especially after the delays, short season, and budget issues. It validates their control over the show--season 4 was on the books before Harmon was gone but season 5 is all theirs.
They won't have to deal with Chevy Chase anymore, and honesty, a new direction is needed since you can't really keep the study group together in the same way if you want to make it all the way to #sixseasonsandamovie.