It's gaining strength. What you're seeing there is the most recent composite Doppler radar images of hurricane Ivan. Note the development of the eye from a weak, seemingly borderless blob to a strongly defined circle.
This one is NOT going to be fun. It's still expected to continue to strengthen, since the waters are quite warm, and the more warmth, the better the convection, (as a general rule. Very occasionally this is not the case).
Still, though, it's too early to tell which direction it will go. Most models still say it could hit Florida or just skirt it. One or two models say that if it skirts Florida, it will do so on the east, and still another couple of models suggest that it will become a Gulf storm.
Watch this one closely folks.