This depends on how much the mortality rate drops and how contagious it is--if it ever goes human-to-human (there's no way to predict if and when this may happen).
It could potentially be only slightly worse than a common flu, or it could be worse than that, like the more recent 'Hong Kong' flu. The potential pandemic could also be much worse.
However, it will not be as bad as the 1918 flu for two reasons. First, half of all fatalities were due to secondary infections in the age just before penicillin was invented. Many of those fatalities would be mitigated by such antibiotic drugs (and we would have to produce more now in advance of any potential pandemic). Second, the 1918 flu became much worse and concentrated in the trenches of WW I where soldiers, weakened from battle had lowered immune systems at the same time they were living in close quarters. Those unique conditions do not exist anywhere today.
Finally, if it does go human-to-human in any type of potent form we will be in big trouble for one reason. This is because it takes around 6 months to develop a vaccine once a human-to-human form is identified and then it would take years to produce enough to cover any good portion of the populace. The epidemic would be over by then.