What I think is that it's going to be a rousing success. Really, the issues people have here with race, are NOTHING compared to Dragonball Evolution, so there's a big plus. On the levels that matter, the characters mostly represent who they're portraying. Hell, Aang's actor just looks great, and while Zuko's missing a ponytail or whatever, I think Patel is really feeling the character's vibe, so no complaints there. Sokka is a hard one, because I don't think a live-action film will quite have the same snarky bits of comic-relief, which makes me think he'll be a bit different in that sense. You can't really find an actor who can pull him off verbatim without it sounding really cheesy. But, I could be wrong.
Either way, Shyamalan is pretty much a perfect match for a film like this. Character-driven fantasy tales are his THING, not to mention he has a damned good history of getting great performances out of kids. His last few films have fallen to his own ego, which before had actually been helping his films rather than hurt him. I think something like this is exactly the kind of thematic 180 he needs to get his act together. I've got some high hopes.
That doesn't come without lowering my expectations of course. Let's drop the pretense here, everyone is terrified of what could happen to something like this ever since Dragonball Evolution limped it's way into theaters last year, but for me, I'm so thrilled just to see that the BASIC elements of the story, characters and Universe of "Avatar" are being almost pulled from the animation cels (seriously guys, that shot of the Southern Tribe members staring toward the camera holding lanterns, the ice-sphere Aang froze himself in, that tiny, itty bitty shot of a CGI Appa that looked almost precisely like the show version?) I'm excited, damnit. It's already got all the "musts" I can think of off the top of my head. Yes, it's a feature film, and lots of "episodes" are going to get cut. Characters will get cut. Places will get cut. There's probably no way we'll see that (albeit "fluffy") episode with the two tribes in the canyon, or whatever. But so far, it's hitting all the notes it needs to, and I don't think some of the faithful imagery here is at all a coincidence given that M. Night is supposedly a big Avatar fan to begin with.