Hurricane Katrina has made it across the Florida penninsula and is back in open waters. I have read online rain gauges reporting rain up to 24" in Homestead, FL.
I personally believe this is a very serious situation as this storm has the ability to become a monster over the next 72 hours and, as of right now, looks to target Tallahassee, FL.
Against weak steering currents, 89-90f SST's and no vertical shear worth talking about, this storm should have no problem reaching a cat 4 or 5. If you are forecasting this storm, please note that forecasters, including this armchair forecaster is siding with the GFS-5.
Since the hurricane will get a boost from trough formation in the upper levels, and the center of the storm will not move particularly fast, rainfall amounts in excess of 12 inches are possible along and 300 miles to the right of the path Katrina takes. Tornadoes are another danger, especially within the right quadrants of the converting low. Orography is also an issue, so communities in the Great Smokies could be hit worse than was the case with Frances in 2004.
More on this throughout the weekend...