As countries experience their Omicron wave health systems will be challenged. Most of the severe cases will be unvaccinated people. Once Omicron goes through a country then the rest of the year should see far fewer cases so Covid can be treated more like seasonal flu.
A more transmissive variant is not likely but we have been surprised a lot during this pandemic. Omicron will create a lot of immunity at least for the next year. @trvrb tracks the genetics really well. We may have to take yearly shots for Covid for some time.