Uncle Romulus,
I subscribe to accuweather.com's pro site, and their chief tropical/long range forecaster Joe (whose name I can't use here because it is too close to a prohibited word) had nailed Katrina from about a week prior, saying it would hit and pass through Florida, and re-emerge in the gulf as a very strong storm, threatening the area from the panhandle to New Orleans.
I'm not a meteorologist, nor do I play one on TV, but I am obsessed with meteorology!

Joe from accuweather.com is the best long-range forecaster I've ever come across (by the way, he is leaning toward option #2 in my post above, with the gulf being cooler now after Katrina, which will prevent this one from turning into a monster).
Bob