I've been watching. I freaking adore it.
Yeah, it's a little slow, and they could use a villain who's less predictable, but let us bear in mind that it's only the fifth episode. In terms of pacing and build-up, it's a heck of a lot better than Book One. The characters feel like they're all there to be characters, not just vessels to move the plot along. I especially like that they're making Mako likeable and they're not acting like Korra and Mako are in this perfect relationship with happy flowers and hearts and rainbows--they're actually allowed to play off of each other and argue like a real couple would.
The Water Tribe civil war is really interesting, especially when one considers how much of a role diplomacy has in this. In A:tLA, everyone rallied behind Aang as the Avatar--for good reason, considering that he was the one who was trying to rid the world of the imperialism of the Fire Nation. Now, things are more complicated, because there's no immediate threat to the United Republic, Fire Nation, or Earth Kingdom, so it's going to be a lot more difficult than "We're trying to fight evil and I'm the Avatar, so of course you'll be joining my side". I like that conflict--lots of politics, diplomacy, and pragmatism here, so it's going to provide a nice challenge to Little Miss "You Gotta Deal With It!". I liked that the president of RC didn't just give Korra what she wanted, and I liked that Iroh II wasn't allowed to go behind his back either--real world elements like that in a fantasy setting make me happy.
I also appreciate the Water Tribe civil war because we saw very little of the Water Tribe compared to the Fire Nation and Earth Kingdom--I think we saw more Air Nomad culture and history than we saw of the Water Tribes. I'm liking their prominence.
Not a fan of Eska, though. Desna is iffy--perhaps if he becomes more distinguished, he'll grow on me. Eska, however, really grates on my nerves. (I'm almost shipping Bolin/Asami at this point, though that conflicts with my secret love of Iroh II/Asami.)