I think you can enjoy it well enough with no context but it will really sing for those that have that childhood connection to it.
For general fantasy/action fans I think that it can still work as a bit of a deconstruction of this kinda material even if MOTU was not part of your younger days. If you watched anything LIKE MOTU you'll get what Revelations is going for I think.
I do think... They skimped out on the action set pieces a bit. No matter how much a particular episode of Last Airbender skewed towards plot/character or world building they never forgot to entertain with visceral thrills in some way. Smith could have had just a bit more of the razzle dazzle in my view, but that isn't a big dent on the first five episodes.
That's my take.