Why rebuild? The French Quarter, which is only a small part of the city, is on higher ground. If it were a question of only preserving that area because of historical/tourism reasons, I'd have no problem. But, for emotional and political reasons the government is going to allocate a couple of hundred billlion dollars to rebuild the entire city. For practical and financial reasons, I think it's a waste.
New Orleans is 7-10 feet below sea level. For various reaons, including the fact that it is a major port for oil, it will continue to sink. Geographically, New Orleans has been on borrowed time for decades. Time simply ran out with Katrina.
The Army Corp of Engineers has stated that they will only be able to bring the levees to Catagory 3 strength by 2006 hurricane season. Katrina was a catagory 5. So what happens if a cat 4 or another 5 hits next year?