The two best comparison countries are Denmark and Norway. You would expect Denmark to have a higher mortality ratio and Norway to have a somewhat lower one (look at geographic location and population densities). Right now Sweden is running at two times Denmark and three times Noway. For Norway it used to be four times so Norway is moving up in comparison to Sweden.
The real key will be whether the healthcare workers get overwhelmed. I would be curious to see detailed reports on how Stockholm is doing in comparison to Oslo. So long as adequate care is possible with everyone who contracts this disease, I think it will just ultimately burn itself out. The only wrinkle will be if better treatments come along or a vaccine is developed before the locked down countries come out of lock down. Those people may be spared the consequences of the disease.
Sweden isn't running fully open either. It's approach is probably not a whole lot different than Iowa for example. Their high school and college classes have moved online. While their elementary school is still open, Iowa still runs childcare. You have to wonder about the attendance at the elementary schools. I know I would pull my kid out and home school her under these conditions (if nothing more park them in a corner and have them read books).
Here in Iowa we still have a lot of restaurants doing take out. Gas stations are open. Other stores are open. Parks are open (playground equipment is roped off). Sweden doesn't allow gatherings of more than 50. We don't allow 10 or more. Our major factories are still running (at least in my area).