The last episode in the RWBY-verse so far seemed to paint the picture that Cinder Fall shot Pyrrha Nikos, taking Pyrrha's aura. But the question I'm asking is: Is Pyrrha really gone for good? Me and my friends have been coming up with good but still questionable theories, but one theory makes sense to me: Jaune still hasn't unlocked his true Semblance, so maybe Jaune's Semblance has something to do with Pyrrha's resurrection. I hope so. Please put my thoughts to rest!
I hate to be the bearer of bad news, but it is extremely likely that she is dead.
This thread is a fairly good place to look for all the discussion, and I would agree that she SHOULDN'T be brought back for various stated reasons.
But the biggest piece of evidence is the message from Jen Brown, her voice actoress (found under trivia and shown below).
To start let me just say it has been a true honor to play such a vibrant character. Playing Pyrrha meant the absolute world to me and getting to see how much she meant to many of you as well means a lot.
The entire Rooster Teeth team and RWBY crew deserves so much praise for how beautifully the show was handled. I have known from the minute I was cast 3 years ago that this would be Pyrrha's fate. It was Monty's intention from the start. And although it is kind of a relief to no longer have to keep it to myself, I am very sad that her journey has come to an end. Watching that final scene was beyond emotional for me. When you've invested so much into a character it is hard to let them go.
Most importantly I thank Monty. I miss him every day and thank him for trusting me with Pyrrha. Monty also intended for me to play other roles after Pyrrha's exit and although I have no further details right now... I fully trust that Miles Luna and Kerry Shawcross will stay true to his wishes and have me back as someone new. I love those guys.
I end by giving my heartfelt gratitude to you the viewer. You guys are seriously the best. And for the last time, I'm sorry!
Oh yeah, and also... Long live Lisa Lavender!!!
So it's unlikely that she is coming back, at least not in the way we all know her. She may make an appearance (with Juane's semblance etc. or something else), but she is likely gone from the physical standpoint.