No, it didn't live up to TLA - but that's nearly impossible. It didn't help that the season was short and rushed. The probending story arc lasted too long and the characters weren't fully fleshed out as much as I had hoped. TLA nailed storyline, characterization development, action, comedy and establishing the world in its first season alone.
The characterization was a bit disappointing (the romance ) but I still loved it. Elitist ATLA stans <<<<<<<<<<. ATLA season 1 was , so I expect Korra to improve as well.
It lived up to my expectations and that's all I care about. However, there are a few blemishes that needs to be fixed in order to match the superb quality of A:TLA.
The art style and animation is much nicer than ATLA :P Korra was great especially since alot of the storyline was placed within 13 episodes. The only thing which which was a little off was that since they only planned one season in the beginning that it didn't allow enough character growth.