I'm pretty excited by this news. I'm a big fan of Legend of Korra, and the game's got Tim Hedrick, one of the better writers from Avatar The Last Airbender and Legend of Korra (for those familiar with the episodes, he wrote "City of Walls and Secrets" and "The Puppetmaster" in ATLA, and "Beginnings Part 2" and "A New Spiritual Age" in LoK, just to name a few). They seem to be making an original story with this game, bringing closure to the Equalist storyline. And of course there's an actual developer, Platinum Games, making it, who can be trusted to make a decent game with a pedigree such as Bayonetta, Metal Gear Rising, and Vanquish.
I'm also intrigued by this turn-based strategy game being developed for 3DS. Fire Emblem style Legend of Korra? Yes please!