The first 5 episodes were good, except that story was placed badly. Killing He-Man in the first episode and making it about Teela off the bat when everyone is expecting He-Man was a bad move. Something like this story should have been built up to, maybe 5 episodes in or season 2.
I think it will be unlikely it will get a season 2 with the way the current plot has gone, unless the second half of season 1 changes the story quite a bit, which I doubt.