I started watching avatar for the first time about a week ago and finished it a few days ago. I loved it. I watched the first season of korra and episodes 1 and 2 of the second season, it is really good. It has fantastic animation, a compelling story, and korra brings more sophisticated concepts to the series. I'm surprised such a good show airs on Nickelodeon.
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Because people demanded another one and Nickelodeon hold the rights to the property and asked the original guys to make another. After Season 1 of LoK the fans asked for more and the creators and Nick were happy to oblige and we get an incredible 2nd season with a possible 3 and 4 in the works.
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I believe there are 4 seasons to be produced.