Not watered down. Larryz got it right that the original and the current Hurricane served at Pat O'Brien's both include 4 shots of rum.
The current one they serve uses premixed jugs of passionfruit syrup, OJ, lime juice, and a lot of simple syrup. With grenadine added for color and which makes the current version bright red instead of the subtle orange it used to be. The original used equal parts passionfruit syrup (or possibly fassionola), lemon juice, and no additional sweeteners. And that's it. I actually like both versions, but prefer the dryer original. A much different cocktail. And despite what Pat O'Brien's claims nowadays, that three ingredient recipe is Louis Culligan's original recipe.
At least Pat O'Brien's doesn't dump some rum into watered down Hawaiian Punch and call it a day, like some bars do nowadays.