Still out there. We're basically at the end of flu season, though, so it should die off pretty thoroughly for the summer soon.
In 1918 the big one actually came at the end of flu season, killing a pretty scary chunk of people in the spring. But then it faded away for the summer before it came back in the late-summer / fall a lot more lethal. I think the question on the swine flu is will it also mutate and hang around in enough people to make a resurgence when conditions are better for it.
Most of the time flu's don't actually make that leap like the 1918 flu did, but I am a little curious to see the final analyses of whether or not emerging late in the flu season (like this did) makes a real difference for that mutation stuff.