This really is going to impact almost all parts of Florida today/tonight/tomorrow morning. I'll highlight those threats:
Initial threat currently are tornadic cells. We've seen rotating cells offshore all night and we're starting to get some onshore. Almost all of SFL is under a tornado watch currently, with some warnings just now popping up. This will continue throughout the day and for the entire event, SPC has hatched this area (if you don't know what this means, it's a pretty big deal and signifies a significant threat for tornadic activity):



As we get closer to landfall this evening, surge will become a focal point. It doesn't matter if Milton is a category 3 or 4 hurricane at landfall, the surge extent and spatial bounds will be closer to a category 5 hurricane.

It's unknown how much weakening Milton will undergo before landfall. While steady weakening at the minimal should be expected, we are starting at a VERY high ceiling (Milton is still a very strong category 4 hurricane right now). The wind field will expand significantly today, and wind gusts are going to be a serious issue and spread over a larger area. Here is a forecast from the 00z ECMWF model for wind gust peaks:

So either way, there is going to be 3-pronged threat today for ~80% of Floridians. Stay vigilant and up-to-date!