The Omicron variant will prove to be more transmissible that former variants, but less virulent.
That is, positive infections will be higher than previous waves, but severe cases and deaths will be lower (including
after controlling for vaccination status).
Extra bonus: the truth of this situation will be obscured and politicized for as long as possible. Insofar as the virulence of Omicron would be good news, the mainstream media will attempt to play it down or otherwise hide it.