It's not another "flu". The problem is that it's not just the mortality rate that is 10-30 x higher (exact range yet to be determined) than the seasonal flu. What makes this so dangerous is that the transmission rate is so high; as you say it's pretty damn infectious. SARS, which was even deadlier, had a low transmission rate, also because a person was only infectious after developing severe symptoms. Yet with the current Coronavirus you are contagious way before developing symptoms. With the flu the transmission rate is 1-1.5, i.e. one infected person infects up to 1.5 others. But with this one it is 2-2.5, which is brutal (the spread increases more exponentially than linearly from a rate of 1.5 to 2.5). You want to have millions dead without flattening the curve, be my guest, but without me, please. Even if you flatten the curve the estimates are now about 100,000 deaths, which is 5 times the flu. But to achieve this, you have to do everything right, strict social distancing for a few more weeks, keeping hospital personnel from getting infected, a huge number of ventilators etc. Not sure if we can achieve that.
So yes, this has to be taken very seriously, and I don't think the media overhype it. Because, again, if we don't do everything right, which is questionable that we will, the death toll will be *much* higher. The hospital system is already overwhelmed in some places, and this is still with the peak two weeks away. At that time, it will be complete mayhem. And what happens in NYC now, will happen elsewhere in the country a few weeks later. There is no escape.
The point with overwhelming the hospital system, which is such an urgent problem since the virus disease is so care intensive, is that everything will become deadlier -- heart disease, cancer, diabetes, organ failure, car accidents, you name it.