@hawkeye10,
The weather service is calling for winds up to 80mph and rain over two days of up to 8 inches for New York City...the wind prediction has already gone down once but I bet that sustained winds end up less than 70 mph and rain less than 6 inches...in other words not a big deal, certainly no reason to bring the city the never sleeps to a nearly complete stop.
as for storm surge and Flooding, minor.
This is going to go down as an expensive blown call....another whack to Bloomberg's evaporating reputation.
EDIT: current prediction is surge 4-8 feet....in other words they dont know, but considering the surge when the storm first hit land was 3.4 foot this prediction looks inflated to me. 300,000 + people are going to wonder why they were forced from their homes for this.