Speaking as a former resident of the metro area, I don't think there's going to be an effective government response, and with respect I don't think anyone is going to be held accountable in a meaningful way.
Pre-Katrina, New Orleans' public infrastructure pretty much sucked with no real impetus to make improvements. In addition to being a poor state, it's very much a place where the rich take care of their own and the poor are left to fend for themselves and scrap for whatever meager services are available. For example, my private, Catholic high school had completely restored its entire campus within one year of the disaster thanks to a generous alumni network. So if you're able to afford the $5,000/yr tuition, your kid can go to a great school. Otherwise, your looking at a chronically underfunded and now flood damaged public school. Both will be underwater again, anyway, without comprehensive work on the levees, which requires a federal and state response.
But, we have a Bush administration that can't seem to get much done anywhere despite emptying the national treasury (and who has clearly turned a blind eye to NOLA), and then we have a state government which has held on to the French legacy of using public office for private gain, and then we have a city that could barely provide services to begin with (which had been obscured, I think, by the aforementioned private social networks).
Even if there is a turnaround on the national level and New Orleans gets some attention, I really think that the money that goes into rebuilding New Orleans will continue to be diluted by state and local government corruption or just plain bureaucracy. Private interests in New Orleans will continue to maintain and rebuild their institutions (although this will be more difficult with the economy the way it is), and the poor will continue to fend for themselves. Not that this hasn't been happening for the past 200 years or more of the city's existence.
I hate to say this, but probably nothing much is going to change unless another big one hits. Then, maybe, elected officials and the city's populace will either really ---- or get off the pot.
I don't mean to be a pessimist. I love New Orleans and what it gave to me in my years growing up. To me, the irony of a wrecked New Orleans is of astronomical proportions. Of all the places in the world, this one has music, food, and culture, that you can't find anywhere else. Moreover, this is a place where the people for the most part can't in their lives imagine living anywhere else. I mean even through all the crap they've endured (and with an even weaker levee system), they still hope. Having had the Saints to cheer for, they're experts on hope.
@mzgator, thanks for bringing this up, for doing what you are doing to rebuild and for giving me an opportunity to vent my spleen on the issue. I wish it was different, but like many New Orleanians can't imagine what that would look like.
Seems like the Times-Picayune agrees. Here's today's front page story... http://blog.nola.com/nola/2007/08/katrina_aid_goes_toward_posh_c.html