If it's your first Mardi Gras, you'll probably want to spend some time in the French Quarter. But I strongly recommend that you spend some time outside the Quarter. Personally, I love watching Saturday afternoon parades from the vicinity of Saint Charles and Napoleon (note that that's not really the type of place for "typical" bead exchanges ). But you might have a hard time getting up there if you're staying in the Quarter and don't have a car. Frenchman Street is another great place to hang, particularly in the evening and at night.

Just be safe, be respectful (particularly of the NOPD horses!) and have fun!!! Wish I could be there this year!