One important thing that makes this virus more worthy of concern than the flu is not necessarily the numbers. At the moment, the infection rate is nowhere near known. Testing is pretty much being limited to folks who are already manifesting significant symptoms. There is simply not enough testing capacity yet. Without a definitive infection rate, you cannot possibly produce a definitive death rate. The actual death rate, where adequate medical supplies and capacity remains available, shall likely be somewhat below 1%. This is not dismissable if you are one who dies, or if you are a person who cared deeply for someone who died.
Again, without a definitive infection rate, you can't produce a valid death rate. This will require very widespread testing, of asymptomatic as well as mildly symptomatic and gravely symptomatic people. That will be for the data analyzers, down the road. By the way, testing is not a very pleasant experience, in case you did not know this.
Testing does have a valid purpose, today. That is, for confirmed cases, who recover, who can return to the workplace, and to safely stepping up to help others, in various capacities. There is a question about this yet, but such folks should no longer be at risk of coming down again, or of infecting others. As this thing washes through, the numbers of the recovered, which are not being spoken about, as much as the sick and dying, such numbers of folks should parallel the infection rate, and mirror the spike, with a bit of a delay (exponential growth). If tested positive and recovered, then tested negative (twice over a 24 hour period, according to the latest CDC info), such folks can be "certified" as safe to return to business.
Now, having said all of that, what makes this virus more concerning that the flu, which may indeed kill comparatively more or less people, is the fact that this virus overwhelms medical and supply chain capacities, when it spikes. This causes the death rate to soar, as triage criteria begin to be applied, as to who gets treatment and who basically gets palliative care. The common flu is not advertised as overwhelming medical capacity, like this virus does. This is a justifiable cause for significant concern.
This thing WILL wash through. Now, how much damage it causes can be significantly affected by how we conduct ourselves with the passage of time. If we can just keep the infection rate down far enough, so that medical and supply chain capacites are not overwhelmed, that would surely be a good thing. "This too calls for the patient endurance..."
Rich P