HO's "I am taking this as "we don't know what's going on" from the NHC".

That is also my interpretation. However, at 904 mb this is the second worst hurricane of all time (after the Labor Day Weekend storm of the 1930's). Also, it's the size of this sucker that frightens me. Did you catch where they said
AN EYEWALL REPLACEMENT AT THIS POINT IS NOT ALL GOOD NEWS...AS THEY ARE GENERALLY ACCOMPANIED BY A BROADENING OF THE WIND FIELD...SO THAT EVEN AS KATRINA WEAKENS THERE COULD BE AN INCREASE IN THE AREA THAT EXPERIENCES MAJOR HURRICANE FORCE WINDS
In any case, there's little time for significant weakening in any event, we're only a few hours away from landfall now. And no chance for a significant change of the storm track.

My prayers go out for the people of New Orleans and the Gulf coast.
amen.