After a huge success, having over 5 million views per episode, Legend of Korra's Book 1 ended, leaving people astounded. Of course, no one really thought that the sequel would live up to legacy of the original series, Avatar the Last Airbender, but "It has come a pretty close" as P. Seth of UltimateKorra describes it. 

It was recently nominated for IGN's Animated Series of the Year award and has won! Here is what they have to say about Legend of Korra:

"Creators Bryan Konietzko and Michael Dante DiMartino have really outdone themselves. Not only did this series live up to the name "Avatar," but it also established itself as a wholly unique and self-contained adventure, boasting an immersive world, beautiful animation and a dynamic cast of characters--not to mention some good laughs along the way. From Korra's rich emotional triumphs to the comedic stylings of Bolin and Pabu, The Legend of Korra has something for just about everyone."

Furthermore, in terms of awards, it has been nominated for two Annie Awards as well. More details on that will be released in the future.