There are at least three reports that its milder.
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Preliminary studies from Scotland and South Africa appear to indicate Omicron may be milder than other variants, with fewer people needing hospital treatment.
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A separate analysis of Omicron by Imperial College London suggests its mutations have made Omicron milder than Delta.
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https://www.bbc.co.uk/news/health-59758784
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The University of Hong Kong found Omicron was better at infecting the airways, but worse at getting into the deep tissues of the lungs, where it can do more damage.
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The University of Cambridge found the variant was not as good at fusing lung cells together, which happens in the lungs of people who become severely ill.
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So basically, its becoming better at its primary goal of surviving.
It can spread more easily, but not kill its hosts off so much (which is bad for it).