Bond is a kite dancing in a hurricane...I should think and hope the villian(s) will survive for 2-3 films to complete a trilogy.
I'm not sure if they could get Waltz for three films, but it would be ideal really. Aping the Blofeld trilogy of TB/OHMSS/YOLT. Have SPECTRE introduce his character. The second could continue his schemes, where he inflicts a personal toll on Bond or a loved one. And the third, where Bond recovers and claims his revenge. But if it's just two films for Waltz, I could easily see those two acts merged into one.