1) FEMA failed here. FEMA had been reformed after Hurricane Andrew, but the Bush administration has ignored them. The dangers of ignoring national preparedness. Oh, and it also shows the need to hire competent administrators.
2) Partisan politics will be about making this a disaster, in one way or another, that has a far greater scope than it really did. The Rethuglicans will try to point out how awful the people of New Orleans were as individuals and what scum they were and how they deserved to die. The Democrats will be pointing out how many children were raped (there are no confirmable reports of rape, child or otherwise), how many people starved to death (none in the Superdome, and I doubt the people who starved in their homes were the poor, more likely the criminal who refused to leave because they didn't want other thugs muscling in on their territory), and other awful things that might accentuate human tragedy.
While Katrina wreaked havoc, our partisan hacks will willfully overlook the good things that people have done. And they will pretend to want to help the people down there. And they will willingly overlook the other tragic things that have happened, like the tens of thousands of pet animals left to fend for themselves who have died or gone feral and are now likely to be gunned down by a national guardsman in a huey shooting a .50 machine gun out the side door.
3) I have donated to the cause I thought most needing of funds: Noah's Wish, because our right wing and religious friends will demand that I give them money to waste on religious proselytization of the indigent and homeless, but they hate animals.