Netflix just announced that they've ordered a live-action remake of Avatar, with Michale Dante DiMartino and Bryan Konietzko overseeing the project.
With that in mind, it seems highly unlikely that this will be a disaster like the live-action movie. Adapting a full season of the show into a 2-2.5 hour movie properly was probably an impossible task, but if this is a standard netflix show with 10 forty minute episodes this would probably be the same length as the original series.
I'm intrigued, but not sure I would ever have asked for this. The original was so perfect that I don't think any remake could ever match it, and most of the show's style and action(the bending battles especially) are just better suited for animation. Should be interesting to see how it turns out though.