Let's put some real numbers in here. Let's just take the US as an example.
If about %15 of people get the flu (the typical yearly average), that means with a current US population of 306,311,844 there will be 45,946,776 swine flu cases in the US.
With a hospitalization rate much higher than normal flu (projected 20%) that means the hospitals in the US will get hit with about 9,189,355 new patients in about a 6 month span. The strain on the health care system during an already bad economy will be horrific.
About 1.5% (projected) of those will die. That means 137,840 deaths from the flu in the US alone in 6 months. Travel will shut down, people will start working from home, God know what else will happen.
I'm not saying we're all going to die, but it's going to be bad. We are better prepared than in 1918, but I do think this is "the one" flu wise. Every things seems to be pointing that way.