Hurricane Hype?
Not really. Here's a thoughtful discussion of the issue. I'm a bit of a storm buff so I tend to read about what's happening during storms, regardless of their proximity. By early yesterday evening it was pretty certain that Gustav was not going to slam into New Orleans and had not regained the momentum it lost passing over Cuba but televison news never reported that. If I can read current information, why can't these reporters? Ratings, of course.
Here's my favorite blogger, law professor Glenn Reynolds of Instapundit.com on the subject:

Better safe than sorry, but watching the TV folks doing the usual standup-in-the-wind routine this morning I just thought how stale that shtick has become. Stay in the studio and just tell us what's happening. We've all seen newscasters with the wind in their hair now.