[iPhantom]

Lelouch is alive. When Charles died he transferred his Code to Lelouch (which just obtained the requirements for the transfer, having Geass on both his eyes). Thus he obtained immortality. Immortality is only activated when someone with a Code dies (as seen with Charles, when Lelouch shoots him). you can see it clearly that Suzaku did not know about it, only C.C. and Jeremiah.

It's more clear when Nunnally touches Lelouch before he dies. His thoughts are transferred to her. Telepathy is something we have seen happening only with C.C.! It means Lelouch became like her.

Also in the end C.C. moves her head and calls Lelouch, as if the cart rider was him.

;D He's alive but his story ended. In a quite good way.