Nope. Colder waters and less time to grow means it won't be that bad.
They might have a bit of flooding, but it's not going to be anything like they're hyping it up to be.
The storm is undergoing extratropical transition, which is to say it is losing its characteristic as a tropical storm and becoming a midlatitude storm. A consequence of that is that the storm becomes much bigger (1000's of km vs 100's of km), and while winds are not as high as a regular hurricane, the damaging high winds cover a much much larger area, and a particular location will experience very strong winds for much longer periods of time compared to a regular hurricane.
Another important difference is that an extratropical storm does not require warm ocean water to sustain itself, so it doesn't necessarily weaken rapidly as hurricanes would. It can in fact strengthen as it extras energy from the north-south contrast in temperature.
Thirdly as the warm moist tropical airmass meets the cold air mass from the north, it can produce an immense amount of rain and snow over a very wide area, much more than what you would normally see in a regular winter storm.
Bottomline is, you can't directly compare this to a regular hurricane. It is much more intensive then storm the area will normally see. Mid-latitude storms with centre pressure of 970mbar kill people and cause billions in damages (such as the halloween noreaster last year). Sandy was forecasted to hit with sub 950mbar pressure. It is currently sitting at 947mbar.