I have always found it interesting that people are quick to judge Bourbon Street at a "tourist" destination, or a poor reflection on the city. When in fact, it's just the opposite. The compromise of Bourbon is all New Orleans - random, interesting, a little dangerous, edgy, sometimes questionable, and yet fun. Every single person who speaks poorly of Bourbon Street, are the same people who find themselves there at 3:00 AM when all the other bars in the city have calmed down and they're still up for more fun. That's the point of the Bourbon, and that's the philosophy of New Orleans and South Louisiana in general. So my thoughts (as an outsider, that have now spent a good fair share "down the bayou").
Most people who label Bourbon Street as touristy are locals (city and DDB). Why is it funny, and even more, ironic? This is where almost every single person began their New Orleans nightlife experience. Going to New Orleans is a "trip", even though it's less than an hour away. It's an escape from reality. When people first go to New Orleans it's in the Quarter. They had fun. They broke loose and lived their young lives. However, as in all people, it becomes old and we become more "sophisticated". So we move our lives to more "mature" places. Thus, Bourbon Street (and the Quarter in general) is labeled by the locals as the "tourist area". Yet, it's the people who live there that made the place, then label it as "uncool". Then newcomers (myself) get the idea that it is actually a tourist area because South LA has labeled it as such. Yet it's completely New Orleans. Yes, it's where tourist go... but seriously, would any Tourist Commission - anywhere - look at Bourbon and say "this is how we want people to see or city". No. They create nice places (downtown redevelopment, museums, parks, etc), and then send visitors there. New Orleans on the other hand doesn't mind this representing the city, because the essence of the place is the essence of the city (random, interesting, dangerous, and fun).
What makes Bourbon even more unique is the street is the country's only entertainment area (that I can think of) that happened organically and has thrived in it's current condition, even with it's, um, questionable activities. That combined with it's fascinating history makes it both underrated and overrated.
Now I just have to read it.