Rumors
Note: PLEASE note that the below "confirmations" delivered to you by many Avatar fansites are NOT confirmed as of yet. DO NOT take most of the information here as a fact. Also, DO NOT edit things interpreted as "fact" into this article. Furthermore, do not add in "question is" and speculation debates.
These storyline elements remain unconfirmed.
The maximum amount of Air Nomads present could be around 100 if Aang and Katara had ten children and those ten children had ten children.
This does seem very unlikely, but not impossible.
However, the number of Air Nomads could be greater than that, if Aang was able to use Energybending to transfer the knowledge of airbending into a large group of non-benders, such as the Earth Kingdom refugees living at the Northern Air Temple.
Aang is featured in the series in the Spirit World, as Roku and past Avatars were to Aang in the Last Airbender.
This seems likely because Aang commented that no-one except a previous Avatar can really teach, or at least offer guidance to, the current Avatar about their duties beyond bending. This reinforced an earlier statement from Gyatso to Aang that once Aang could enter the Air Temple Sanctuary he would meet someone who would help him become a better Avatar, when he finally entered the Sanctuary it contained only statues of all the previous Avatars.
If Aang's own experiences are any guide, Aang would seem the most likely past Avatar to speak to Korra. Aang immediately felt a strong connection with a statue of Roku, instinctively knowing Roku's name and that Roku was his previous self, and Roku appeared to Aang more regularly then any other of his previous selves.
This tweet shows that there will be a character named
Meelo in the series.[13] The tweet also says there will be a character named Wei Bei.[14]
There is also a rumor that there will be flashbacks of the original series. This may be part of what was implied when DiMartino mentioned that there was a "definite link" between the old series and this one.
Flashbacks in the new series may pertain to what the group did after The War, such as Zuko searching for his mother, the rebuilding of the Air Temples, the newly rebuilt Southern Water Tribe, if Kuei was restored to his throne, and Ba Sing Se after the Order of the White Lotus saved it from the Fire Nation.
Flashbacks may also give insight on the development of Republic City, since a metropolis so large had to gain more people in more than 75 years.
Republic City may have been a smaller nation in the original Avatar series.
During the original no mention was made of a nation other then the traditional four.
It is possible the physical city existed during the original series, perhaps with a different name and as part of another nation, and has grown in the 75 years since.
However nothing about the city's history has been confirmed.
Andrea Romano, the voice casting director of Avatar: The Last Airbender and presently working on Legend of Korra, has stated that the generation of the original cast of characters has died off and will not be in the show. However she has not ruled out the possibility that previous characters may appear in flashbacks.
She also stated that the show takes place 75 years into the future.
As mentioned, the Cabbage Merchant will not appear but "his legacy will be present in some form."
According to patent information, the show will be live action. [15][16]
However, this seems highly unlikely due to previously released information.
Drawing of Meelo(bottom) and Korra(top): 
Meelo is a character in the upcoming series, Avatar: Legend of Korra.
Speculation
Meelo is drawn at the right of this Wikia by Ki-Hyun Ry from San Diego Comic Con. He looks pretty happy-go-lucky, and may be an offspring of Sokka or Aang, or may pay homage to Sokka.
Meelo may be the Sokka of the group, like Korra is the Aang.
___
Now about Korra...
Confirmed Facts
Korra is from the Southern Water Tribe.
She has already learned and mastered Waterbending, Earthbending, and Firebending.
She is the Avatar after Aang.
In a flashback, 5 year-old Korra will be played by Dee Bradley Baker's daughter, Cora
Rumors & Speculation
Note: PLEASE note that the below "confirmations" delivered to you by many Avatar fansites are NOT confirmed as of yet. DO NOT take most of the information here as a fact. Also, DO NOT edit things interpreted as "fact" into this article. Furthermore, do not add in "questions" and speculation debates.
The story has been confirmed. Has been revealed at Comic-Con 2010(see confirmed facts).
Aang will mentor her from the Spirit World, just as Roku mentored Aang.
This seems highly likely if Aang's own experiences are any guide. Aang immediately felt a strong connection with a statue of Roku, instinctively knowing Roku's name and that Roku was his previous self, and Roku appeared to Aang more regularly then any other of his previous selves.
Also, since Aang was the most recent Avatar before Korra, any of his wisdom will be the most relevant to Korra.
In theory, Korra is the spiritual parent of Tenzin, seeing as she is the new Avatar. Since Korra was Aang in the past life, that would technically make her the parent of Tenzin in a spiritual sense.
This relationship is similar to how Aang is related to Zuko and Azula (spiritually) due to Aang being Avatar Roku in the past life.
As she is from the Southern Water Tribe, it is possible that she could be Sokka and Suki's granddaughter.
The ship seems less likely because of the probable considerable difference in their ages, with Korra being in her teens while Tenzin is likely older (possibly as old as 72).
Adding on to this, she is the spiritual parent of Tenzin and would make it even less likely.
It is possible that she was raised in the Southern Water Tribe, but was sent to the Northern Water Tribe to learn Waterbending when she was identified as the Avatar, due to the fact the Fire Nation virtually eradicated Waterbenders in the Southern Water Tribe. However it is also possible that, thanks to Master Pakku's efforts to rebuild the Southern Water Tribe, she was raised and taught in the Southern Water Tribe.
It is also possible she was taught Waterbending by Katara.
Korra is likely between 16 and 19 years old judging from the picture and the tradition of revealing the Avatar at the age of 16. As the series is set 75 years after The Last Airbender,[2] this would mean Aang died somewhere in between 156-159 ASC and only lived to be biologically 69-72 years (chronologically 169-172 years) if he were 13 when the series ended, or 68-71 years (chronologically 168-171 years) if he stayed 12 throughout the whole series.
It is unknown whether Korra will have an "Animal guide", like Appa was to Aang or Fang was to Roku.
It could be a Polar Bear Dog if she does have one.
The book 'The Art of the Animated Series' depicts several early concepts of a large "Polar Bear Dog" which shows another early version of Aang riding. The notations describe the creator's love for the idea of the dog, but were unable to use him in the Last Airbender, but then go on to hint that "we have a feeling he'll turn up somewhere" hinting that the Polar Bear Dog will be Korra's animal guide.
Anybody born into the Air Nomads is granted the ability to Airbend, so it can be speculated that any children of Aang and Katara's will be able to Airbend, or any possible grandchildren they may have.
However, this may not be the case as the creators have stated all Air Nomads were Airbenders because of their spirituality. Further, there is currently no indication genetics plays a part in someone becoming a bender.