From nola.com:
BATON ROUGE - Water levels in Orleans Parish have crested and are beginning to slowly recede as the U.S. Army Corps of Engineers prepares to begin an unprecedented effort to fix a 200-foot breach in the 17th Street Canal that has inundated the city, state and federal officials said Wednesday.State Secrertary of Transportation and Development Johnny Bradberry said Lake Pontchatrain has receded by two feet since yesterday as water levels equalized between the lake and the flooded city interior.
"The good news here is that we've stabilized. Water is not rising in the city," Bradberry said.
Maj. Gen. Don Reily of the Corps of Engineers said flood levels are now receding at a rate of one inch per hour, but that it's likely to take at least 30 days before all the water is gone from New Orleans. "Lake level has equalized with interior water inside the city,. which means that it won't be any more flowing into the city except for a high tide," Reily said.
I was just gonna post that update in your comments - one scrap of good news in all of it.