I have heard of unconfirmed reports that the Levee in midtown (near Lake Ponchatrain) is out. That is near my highschool, Mt. Carmel Academy.
Check out these websites:
www.nola.com
www.wwltv.com
they have information about the levees.
www.sunherald.com
ETA: Break in 17th Street Canal Levee is now 200 feet wide and slowly flooding the City of New Orleans. Huge sand bags are being airlifted to try to stem the rush of water in that area. The expectations are that the water will not stop until it reaches lake level.