Given it's more than twice as contagious, this is not such great news - and this is ignoring the immune escape, which makes it much, much worse than Delta!
This is what I'm amazed that nobody seems to get - if the population of people infected by Delta is 80% unvaccinated (I'm making that up for the sake of an example), and the population of people infected by Omicron is only 20% unvaccinated because it's so much better at breaking through vaccination, then of course Omicron's going to have a lower hospitalization rate (unless it's vastly more severe, which it clearly is not). That's offset by the fact that it's infecting a much larger number of people because it can infect vaccinated folks much more effectively.
The much shorter doubling time makes sure it will overwhelm the much taxed intensivists. Death rates are much higher in triage.