Down home sausage gravy

Pioneer woman has a great recipe for this on her cooking site, but this is the recipe of the day that gets e-mailed to me from my local grocery store... and it looks good, too. And oh, how I am a sucker for biscuits and gravy!

1 pkg. (16 oz.) fresh breakfast sausage
2 tablespoons finely chopped onion
6 tablespoons all-purpose flour
2 cans (12 fl. oz. each) NESTLE® CARNATION® Evaporated Milk
1 cup water
1/4 teaspoon salt
Hot pepper sauce to taste
Hot biscuits

Directions
COMBINE sausage and onion in large skillet. Cook over medium-low heat, stirring occasionally, until sausage is no longer pink. Stir in flour; mix well. Stir in evaporated milk, water, salt and hot pepper sauce. Cook, stirring occasionally, until mixture comes to a boil. Cook for 1 to 2 minutes.
SERVE immediately over biscuits.