Judging by the pressure, the well defined eye, and my total lack of professional meteorlogical experience, I wouldn't be surprised if this were a cat 5 again by the time the eye hits land.
That is what I fear, also. The eye has realy reorganized the past 4-5 hours. Very sharp features. The dropping pressure indicates strengthening. My guess is that it will hit dead center of the coast between the Alabama/Mississippi state line and Mobile Bay, with Mobile Bay receiving the brunt of the storm surge. Winds of 140-145-MPH. The vacation homes and condos of the Alabama Gulf coast will be obliterated.