Legend of Korra is definitely not as great as The Last Airbender, namely due to a lack of character development on their parts. The greatest aspect of Korra that people tend to get into is seeing what happened to the original bunch from TLA, especially after the intial trailer where Katara makes it sound like she's the only one living. You get to see some of the characters who are still alive (and very old) as well as their children and grandchildren. You get to see the legacy Aang left behind and what he managed to do about the nations. However, you don't really get to feel much for the new main cast.
Facts are thrown at your face. You know Korra is the new avatar. You know she is from the same water tribe as Katara. You meet Mako and Bolin. You know they are orphans. You know they do their fighting dealio to get money and live on their own. It's just a list of facts, which gets really boring, especially for a viewer who needs a certain level of character connection to enjoy a show. The setting and plot is interesting, but there's such a lack of focus on the cast themselves that is is hard to really care about anything happening to them. Bits and pieces you'll sometimes feel something, but overall there is such a huge neglect in ample character development that it is near impossible to care for them specifically.
Caring for the children of the TLA cast is pretty easy. They do a good job at providing character development for them. I felt more for them than I ever have for the Korra cast.
The first season was a'right, then it dulled. Half-way into the third season it gets a helluva lot better, but it still isn't because of the main cast. They made some AWESOME villains for that season. This new season I wouldn't be surprised if I only love it so far because they introduce my favorite character from the TLA cast. It seems to be getting better, but until there's more character development with the main cast I am having a terrible time caring about anything that happens to them. No feelz.