Mardi gras in New Orleans is basically for tourist nowadays. It's flashy w/ lots of expensive drinks etc. So it's okay it's fun and an experience in its own way but locals stay away from there for the most part because w/ more tourist comes more crime and more hassle. Can't remember the last time I have been to NO for it.
But in a different area in the heart of Cajun Country where the more traditional Mardi Gras celebrations are found, it's a much better experience. Parades are just as fun the parties are just as lively and the food is ridiculously good without all of the overcrowded touristy mess. Places like Lafayette and the surrounding small towns.