We don't really know what happened yet. Speculation is rampant. One of my best friends is working the problem as he is an international subsea blowout specialist. I am not even going to tell you what company he works for because that's the way he likes it. He won't tell me anything to protect his client confidentiality or even that he's on that job...but when I called his house and he was out the lady of the house told me where he was. The Minerals Management Service will, after an investigation is complete, describe exactly what is known and what happened on that basis....despite all of the media liberal crap those MMS guys don't hide anything and will let the chips fall where they may. The MMS has been known to send U.S. Marshalls out to grab people in non-compliance but that does not hit the news.
There have been a couple of misstatements made here. Is it because of unbridled enthusiasm of wanting to help and a lack of wanting to check facts because of perceived self-infallibility vs. prudent due diligence (i.e., mouth overruns ass wanting to tell other people what to do, why they are wrong and how to live their lives without ever experiencing what they are talking about?) or what?

I don't know.
The worst spill in the Gulf of Mexico was probably the IXTOC 1 which Phil posted. I say probably because the German's sunk just about every tanker built just east of the mouth of the Mississippi River in WWII. That's why the Colonial Pipeline was built...to bring oil to New England refineries. Anti-submarine efforts in WWII is why you have a Strategic Helium Reserve and why there are a lot of old blimp bases along the gulf coast.
Next, the rigs actually enhance the fisheries. Many studies by real scientists on this that conclude that rigs increase fisheries. The environmental pseudo-science guys create artificial pseudo-science arguements to the contrary to support their rhetoric. Period. The pseudo-scientists want to believe something so bad and so emphatically they can't be wrong...they have their reasons, whatever that is....and they need to save face too.
Concerning damage...all those tankers sunk in WWII and oil on the beaches caused no permanent harm. It was information kept from the public due to the war effort but Louisiana coasts were drenched with oil and people were paid to walk the beaches to help survivors and locate bodies.
The gulf states don't get the federal lease money because it's a federal lease. These days, the government gets 20% of shelf production in either the value or production in kind of offshore federal lease production. Go the the MMS website to see how much production that is and do the $$$$ calcs yourself. Louisiana has substantial production in inland waters and in state leases....that's on their website if you are interested in due diligence.
I worked 21 on-off, 7 on-off...you don't have to but that's why the pay is there. Just say no to the job. Doing that you are "captive labor" with special rights and privileges. I call BS on ignorant people who haven't been there and done that...I wish I could work 21 on-off right now...those days off are super sweet. Everyone I know who worked out there more than a week or two liked the schedule or they didn't come back. If you don't want to work it you don't have to....virtually everyone out there does except the specialized infrequent labor needed from time to time who generally only comes out for a couple of days at a time...this is not special to BP get over it and the workers like it and like the extra money it brings. It's their families and their lives to decide not yours, they don't want your help or your good intentions for their welfare. Who wants to get up and fly on a helicopter for an hour every morning to go to work or ride a boat for four hours to get to work....one way? This is remote work and travel time dock arrival to location, not round trip, is several hours for most jobs.
And, as usual, the government has made it worse. The USCG COP did not allow a two mile boom to be put around the location after the rig sunk. Why...because she is an idiot. The equipment and personnel were there....now the oil is out. Do not be fooled that the USCG has not been running and coordinating this effort....they always have the trump card and they are the 5000 (not 500) pound gorilla in the room. The use of dispersants is a USCG call...not BP's call and if you believe the newspapers and talking heads on this you've been deceived. I like the use of microbes, but the USCG doesn't...they are used on land everywhere, they are natural bugs taken from oiley locations that love oil and exist naturally......some hang up there. There is an MMS approved ICS plan specific to BP (submitted by BP) for spills....my thought and the word I get from cleanup guys is that the USCG is pointing to minor deficiencies in a U.S. Government approved plan (what plan survives first contact?) to keep the reporters eyes off of their fairly major mistakes. Enough bugs can denegrade the oil in days.
Something massive happened and it happened quickly on or adjacent to the rig floor access which is why none of the guys on the floor survived.