Weather.com says the storm may turn into a "weather bomb" or undergo bombogenesis, which surely sounds much worse than it is. The term is used to "describe powerful low-pressure systems that intensify rapidly." They note that nor'easters are frequently weather bombs. The phenomenon generally causes increased winds and intense precipitation, such as blizzards which sometimes include lightning.
For most of the east coast, residents will face the largest snow accumulation of the winter if conditions stay as expected. That means you have to hit the local store and get all your survival gear now, like Doritos, Fritos, frozen pizza, microwave popcorn, and your parent's Netflix password.