Speculating can be fun, as long as we behave ourselves, and keep in mind that it's all just speculation, and don't start rumors.....
I personally think that if Scars was "in studio" working on a second album, they would have made an official announcement of some sort. As far as "Fucking" being a studio recording, I think it's entirely possible that it could have been done in a home studio, assuming Daron could very well have one as well equipped as Serj does. If you look at the credits on the scans of the vinyl disk, Daron did all the singing & played all the instruments but the drums. Only John & Daron are credited. Which to me means that he's keeping it "small" and close to home for now.
I of course would LOVE another Scars album, and an actual tour to happen this time. I would also be perfectly happy for System to reunite as soon as possible. Yes, Serj does have his new album, and many other irons in the fire with his second poetry book and his Prometheus Bound musical & all that. He seems to have 2011 pretty well booked, but I find it interesting that he's only (so far) touring to promote Imperfect Harmonies on such a short and limited scale.
So I think anything is possible.