Preferably, I would let NOLA remain a flooded swamp, merely salvaging whatever we could, and not rebuild the city at all (except for the port). After all, replacing one sunken slum with a brand-spankin' new one makes no sense to me.
However, since that's not going to happen for a variety of reasons, it should be known that someone was watching officials in LA prior to Katrina (over a lousy $60 mil) and that the scrutiny will be much more intense with 200 bil being tossed at them.
The issue, as always, is accountability.