I was there during high school for this national church thing. We stayed on St. Charles Avenue in the Ponchatrain (sp?) hotel. It was the first hotel to be built in N.O. and every room is decorated differently because the president and different high esteemed people would stay there. I can't believe it'd be terribly expensive considering that we were there through Church.
Now one suggestion. I'd purchase a trolly pass if you're going to be there for a few days. Taking a cab is nice, but it's also expensive. Plus if you walk a lot and take the trolly, you get to see more of New Orleans and have the chance to come and go as you please. We found that most helpful.
I loved the French Market and the French Quarter. You can find and see all sorts of neato things there. Down there somewhere by a cathedral there was a restraunt that we ate at that you could get alligator.

I wasn't able to try it but someone said it "tasted like chicken" lol.
One other suggestion...pack an umbrella. It rains, if not daily, weekly.