An ecological disaster. It will most likely be completely rebuilt but the area is sinking, and because of it's location near the Louisiana coast, there is a strong chance that it will be devastated again this hurricane season, before the levies are rebuilt.
Move to New Orleans if you want to die.
God shall smite New Orleans.
There's still a New Orleans?
New Orleans may be rebuilt, but it will not be protected from another Katrina or for that matter another category 3 hurricane.