Yes they're turning up the hype machine but actually the storm IS pretty nasty... Bring up a weather web site and take a look at the doppler radar of the nation - That big green blob currently over Louisiana is it.
The question is what happens when the storm hits the east coast tomorrow. If it turns north and hugs the coast like they're thinking it could churn up some heavy snow storms all the way up through Thanksgiving week.
I'm flying into Florida (Jacksonville) from Indiana via Southwest on Wednesday and for me (and probably you too) the tricky point will be Atlanta where I have a connecting flight. If the storm just hangs around Atlanta it might get bogged down on Wednesday which is the biggest travel day of the year = NO FUN. I doubt flights will get cancelled (I don't think Atlanta will get snow but heavy rain) but they might get very delayed so plan accordingly.