The pace of recovery has been dismal and will only get worse. FEMA isn’t paying contractors for work done over a year ago. Local politicians are at fault also. Finally, the Corps of Engineers created a majority of the disaster (man made, not an act of God) due to inadequately constructed levees. The rebuilt levee system is not enough to avoid another hard hit. That is precisely why 40% of the pre-Katrina population has not returned.
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I just got back from New Orleans just to see for myself the progress of the rebuild. For those who have not seen it in person, it gives you a better perspective on the situation. The scale of the damage was so large that a complete rebuild even at this point is unrealistic. Parts of the city is rebuilt and parts are under construction and parts are still in the condition they were just after the storm.