At about 12Z today (8am EDT), Irene made landfall near Cape Lookout, NC as a Cat 1 hurricane. The radar image from the approximate time of landfall is shown here.
The northeast is still in the crosshairs, and although Irene is weakening, that will only minimally affect the storm surge and not affect the rainfall... the category rating is only for wind, not water (though a stronger storm will generally generate a larger storm surge). The Chesapeake Bay, Delaware Bay, Long Island Sound, and all inlets, bays, and sounds along the northeast coast should still be ready for some major flooding. The latest storm surge model output for the northeast metro areas is shown below:
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