I feel for Texas, because they could definitely use the rain...but unfortunately, it seems that that monster high-pressure ridge over the Southern Rockies that has been the major roadblock to them getting any drops of rain will hold ground enough to prevent any more move to the west.
Texas' loss, though, is New Orleans' loss as well, because they are going to get waxed with 10-15" of rain over the next 3-4 days, with isolated amounts nearly 20", as well as tropical storm force winds near 45-60 mph and even some isolated tornadoes along the N Central coast from SE LA to the western FL Panhandle.
But, at least it will be at worst a strong tropical storm or a barely minimum Cat 1 hurricane, not an Andrew or a Katrina by any means. The levees should hold this time. The storm drains and pumps, on the other hand, might have some problems.
Here where I sit, as it is, in Opelousas, we're expecting to stay on the "good" left side of the storm, with some wind (25 - 35 mph with some 45 or 50 gusts) and some decent rain (4-8"), but that's manageable. We got worse when Gustav and Rita came ashore.
Anthony