https://twitter.com/ASlavitt/status/1248362891201392640
He makes the point that a) the new model has some optimistic assumptions, like no interstate travel and b) due to the exponential growth, a small uncertainty in R0 leads to wildly variable outcomes.
I guess I am uneasy with the "disease is not as severe" hypothesis because it's essentially unknowable. There's no objective measure of severity: it depends on knowing how to treat/prevent the disease and whether the necessary resources are available to do so.