He says that when you die, you go to Nothingness, Mu (which is not the Shinigami Realm, so don't bother ), and that you can never return, yes.
Besides, there's a reason that Ohba decided not to include the "Death Eraser" from the Death Note pilot in the serialization. It would have ruined a good thing which ended the way it should have, as would "Life Notes" or a continuation involving Light.
If there were ever a new series, it would involve a totally different Death Note and Kira, like the One-Shot. However, there's next to no chance of a sequel, as has been discussed countless times (with similar scenarios).
Why don't you try writing one, though? ^^
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