The Last Airbender: Legend of Korra is an upcoming American television series set in the Avatar universe as a spin-off of Avatar: The Last Airbender. It is expected to air on Nickelodeon in 2012, but no concrete air date has been given. The series is currently under production and is expected to run for two seasons and a total of twenty-six episodes, with options for more. The co-creators of the original series, Michael Dante DiMartino and Bryan Konietzko, will personally write all of the episodes to allow for a tighter storyline.
The new series will take place seventy years after the end of the Avatar: The Last Airbender story arc, with new characters and settings. The protagonist of the new series, Korra, the Avatar after Aang, is a hot-headed and rebellious young woman from the Southern Water Tribe who is "ready to take on the world". The series will follow Korra as she faces an anti-bender revolt while mastering the art of airbending from Aang and Katara's son, Tenzin.
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Thoughts? I myself am a huge fan of Avatar: The Last Airbender, so I have high-hopes for this show. There's a few things that I already don't like about it (The more "futuristic" approach in particular) and normally I would assume that this is just going to be another terrible spin-off of a cartoon, but the main writers of The Last Airbender will be in charge of it, so perhaps it has hopes.