IMHO, it seems that New Orleans is important as a port city, and in that degree only should be rebuilt. However, I don't think it should be rebuilt to the same extent as before, not as a "city in a bowl", and not any government funded housing. Certainly we, the government, and other agencies should help the people in the immediate situation with money, food, and shelter. Eventually assistance should be provided to find work elsewhere, but not as a handout to rebuild with the same risks.
As one of the previous articles pointed out, there must be a balance of our engineering marvels with nature in general. (Back to the "should we?" question that we ask ourselves in many parts of our own lives).