While bartenders in other cities have complicated the Sazerac by using a combination of spirits [us included - Difford's Sazerac recipe], in New Orleans...
Straightforward, simple and delicious. I like using the absinthe in the drink rather than rinsing. Used sazerac rye and homegrown lemon for spritz. Also knocked back the sugar a tad as I find the conventional sweet/bitter/dry balance a little overbearing.
I used a spanish dry anisette (La violetera) because I don't have absinthe for the rinse and I obtained a nice cocktail. It has an interesting aftertastse, but it's not for the faint of heart.
I've also always done the Absinthe in a misting bottle, as Mike stated, and spritz it onto a very chilled glass out of the freezer. I feel there is less waste of the Absinthe that way. Used Sazerac Rye and muddled a sugar cube ( like an Old Fashioned). Great cocktail.
A bartender at the excellent New Orleans establishment Mr. B's gave me a tip for making Sazeracs. He put absinthe in a tiny spray bottle and used spritzing to replace the standard rinsing. The bouquet is much more pronounced and announces the drink to your senses well ahead of its arrival to your lips.
Replacing both the bitters and the sugar syrup with 10 ml Campari will yield a surprisingly tasty version of the Sazerac. And the same goes for the Old Fashioned.
I know, it sounds radical, but it's actually fine.