Sure, everyone loved "Royals". I loved "Royals". I still do love "Royals".
"Team" is not "Royals", but it's still a really good song, cut from the same working-class New Zealand cloth lyrically. Musically, this is a far more upbeat tune, clearly showing Lorde's American hip-hop influence. This is a dense song, with an a capella portion at the beginning.
However, in this live performance, you can see it's just keyboard and drums backing Lorde. In other words, in all this density, the song and the sound are still sparse, carried almost completely by Lorde's voice.
I think this is what fascinates me about Lorde the most - her sound is, at its core, so sparse, and yet she finds a way to bring a lot of depth to it, without a lot of instruments or guitar solos.