You heard correct. According to a board member at AvatarSpirit.net, MoonlitShadow, he/she attended the A:TLA signing with Bryan Konietzko & Mike DiMartino at the San Diego Comic-Con and came back with the following Korra update:

So, Im currently using my iPod to type a short message, but I just got out of the avatar signing at the Nick booth. One pretty big piece of info- Korra IS a miniseries, and Bryke is happy because tha means they can really make an impressive 12 episodes instead of hits and misses like they felt they had with original series. Also, expect Korra to air in LATE fall 2011.

Disappointment, eh? Well…we still have the original show, but it is a major bummer.

Oooh! That is a huge disappointment! I think by the time they get into it, they will change their mind. Even if it is a mini series, The Legend of Korra will hopefully get their creative juices flowing again and inspire them to create more in the Avatar World. I really don’t see any restrictions why they can’t create a huge series like A:TLA. There is just too much opportunity for them with Avatar!

Could you post the link to that message?

@trajan said:
I think by the time they get into it, they will change their mind. Even if it is a mini series, The Legend of Korra will hopefully get their creative juices flowing again and inspire them to create more in the Avatar World. I really don’t see any restrictions why they can’t create a huge series like A:TLA. There is just too much opportunity for them with Avatar!

You and me both, Colby. I think we’ll see more of Korra and the other new characters once they’ve gotten into production.

It’s like The Clone Wars. You know George Lucas isn’t going to stop at 100 episodes. He’s going to milk it for as long as a station will air it. Well… like GL only… without all the commercialism and… stuff.

@ophyjgjhnfn That’s what surprises me about the creators! They have a hit tv series and you’d think they would be milking it for all it’s worth, but they don’t . They are sitting on a gold mine and they haven’t even began to tap into it. When they created Avatar they didn’t just make a tv show, but they created a whole world (just like GL). Looking at it from a business perspective, it would be just darn folly not to milk it for all it’s worth!

Like I’ve been saying, IT’S A WIN WIN DEAL! We get an awesome show and they get fame and fortune. Why not continue?

Big Calvin and Hobbes fan! Hate that there are no more, but love all that I have, and I have all of them!

I’m hoping by the time they get to an official announcement things will have changed. A mini-series is better than nothing and respecting the art and story is better than an ongoing show that kinda sucks. But I sure hope they decide to get another 3 books out of Korra!

Don’t forget that Brian and Michael can’t just do whatever they want, they are part of a larger monster called Nick/ Viacom. I don’t know the details or the structure of the relationship they have with Nick – like how much do they own/control vs. how much do they have to get permission to do. I do think they made sure to keep enough control to keep Nick from draining the Avatar Universe of it’s spirit for cash.

Only 12 episodes? I expected at least 20… just like in ATLA. Well, this mini-series will be really mini.
But no doubt that its quality will be great and every little detail will be perfect. For me, this is important too in a show. You know, i am always annoyed when i’m watching atla book 1, cuz the characters look so silly and the whole thing is just different from book 3 which is much better.
And what is this late fall 2011? Do we really have to wait more than a year? And man, by this time i’m gonna attend to university!! It seems so far from now…

Since there are only 12 episodes and they will have no fillers, I don’t think they will have time to stop back and answer all our questions from the first series. There were just so many things the creators chopped off at the end, so it would be great if they took to make an animated movie that answers all our residual questions from ATLA. Some being what happened to Zuko’s mum, are there any airbenders left, who ties the knot, ect.

http://io9.com/5598292/despite-m-night-shyamalans-best-efforts-airbender-will-live-on

ok kinda a few days ago but lets break it down

1- “we do know that Korra is supposedly a bender of some type”
****OG says** she is confirmed Water bender

2- It will premiere November 2011.

**OG SAYS** totally illegitimate I have sources that say spring 11 and as early as nov 10. I doubt Bryke would have released this info (The Korra Pic, and the WSJ interview) over a year in advanced, This reported is making assumptions so everyone relax lol