Regardless of the level of destruction, watch for George Bush and his handlers to make substantial propaganda hay of Katrina. Normally, one would think that a President ought to be extremely responsive to such a national disaster, and, by all rights, he ought to.
In this case, however, watch for the little things that make it appear how heroic Bush is in all this, how much of the commander-in-chief he is. The photo-ops are fantastic. Bush will come "storming" back from his 5 week vacation.
Karl Rove is salivating over how much of a diversion Katrina might potentially be from the daily plague of failures that besets this President. He will exploit it as far as possible.