First impressions can be mistaken. But I have two concerns.
First, I don't see how the arithmetic works out on this to be comparable to the impact of other items on damage production.
Two minor bolts at 50% each multiplies total damage dealt by 2. Then +60% attack speed - in the absence of other AS boosts - brings our total potential DPS to 3.2x what it was before the purchase. Sure, it may not all hit, but it's important to consider the ideal case.
What other item can one buy that increases potential damage by over 100%, let alone over 300%? I can only think of a few examples.
*One example of >100% would be a rushed Infinity Edge, with no BF sword purchase along the way. This could increase DPS by roughly 200% depending on the circumstances. Say, a level 8 Ashe going from raw base 69 AD - assuming no other items, runes or masteries (or her passive, for simplicity) - to 205 when averaging crit chance and including increased damage. If you buy the BF in between, the increase in potential damange when building to full IE is less than 100%, but as we don't yet know what the Hurricane is built from, it's probably best to just look at "total item effect."
*Ionic Spark, maybe, since it's 125 magic damage on-average-per-attack. Taking the Ashe example above (not suggesting a build here, just doing arithmetic), that would be >100% increase in DPS on average if it all lands.
*Phantom Dancer would arguably increase DPS by roughly 100% to a single target, including averaging out the crit chance. (Again, presuming no Zeal purchase along in order to look at total item effect.)
*An AP champ rushing Deathcap might increase their spell damage 100% +/- depending on their ability scaling. I can't immediatley come up with an example that high, though - because it's 182 base AP is always scaled for the particular ability in use, and ability base damage makes up a big component of the total damage. The cooldowns of most abilities would prevent this from being an increase to DPS, it would would just increase burst, at least for most champions.
I can't think of other examples of any single item impacting total damage production so much. Heck, it probalby makes sense to take it before IE in many cases, or at least between BF and completing IE - then you might lane with it, harassing supports, killing creeps... I'll certainly be trying it right away.
I guess I like the idea of an alternative to PD. But at first glance it seems to me that trading off PD's crit chance for this much additional potential total damage from Hurricane is likely to prove very popular. (Not to mention applying on-hit effects.)
Maybe it's not fair to think of this as a buff for AD carries in team fights. But that's how I'm thinking of it, and it doesn't seem like they need it. I hope there's been some serious play testing, because I'm envisioning more AD carry pentakills and more, faster surrenders.