Season Three would have been amazing.
Personally, I would have liked more than the Masters Vs one common enemy. It would have been great if they had to contend with The Horde, Snakemen, Skeletor...and other mysterious evils. It would have also been interesting if they choose this line of storytelling to have a few episodes WITHOUT the Masters. A Skeletor Vs. The Horde, or Snakemen Vs. The Horde or something.
Loved the 200x series, I was sad when it ended.