Currently, the NAO is -0.237 and is forecast to remain in a relatively narrow range for at least several days. A look at past February Kocin-Uccellini snowstorms that followed a modestly negative NAO reveals only a single case that has somewhat similar 500 mb setup to the timeframe in which the GFS is showing a possible significant event: February 2-4, 1995:

Forecast NCEP ensemble mean 500 mb height anomalies (96 hours):

But if one looks more closely, aside from some modest placement differences with respect to the ridge-trough setup, one finds the forecast trough for this weekend to be noticeably broader than that for the 1995 storm.
What this means is that, should the ensemble mean be right--and it is well-supported by many of the individual members--the storm will likely take a track farther offshore than what the 2/8 12z operational GFS is suggesting. Hence, no blockbuster East Coast snowstorm.
However, it should also be noted that the ensemble members have been slowly trending westward. I don't believe this trend can be ignored.
Therefore, at this point in time, I believe that part of the East Coast could be brushed/clipped by snowfall and perhaps with some accumulations. It would not surprise me if some modest accumulations (perhaps a maximum of a few inches but probably less?) would occur in some of the big cities.
However, eastern New England would probably be the beneficiary of most of the snow and have the highest chance of possibly picking up 4" or more (moderate probability? Maybe a low to moderate probability for Montauk Point?). A lot of uncertainty still remains, but that's my thinking at this time.
In any case, some snow is better than none. Of course, I could bust badly, so time will tell.