It doesn't look too serious. Gibbs said earlier today (along with Obama's team of Med experts) that the cases are being treated, and most of those affected have managed a nice recovery. It's seriously being blown out of proportion...So take off your tin foil hat!
It is premature to declare this not "too serious". With influenza, the prinicpal concerns are (1) transmission efficiency, (2) site of virus replication and (3) pathogenicity. There are several things about this virus that are particularly alarming.
1. Its transmission is highly efficient. This is likely because of H and N gene segments that already have ability to bind to mammailan sialic acid residues on cells. This virus already has those.
2. It apparently replicates in the lower respiratory track as well as upper. This is a combination for transmission and pathogenicity.
3. It is killing young health adults, implying the virus is causing substantial immunopathology, just like the 1918 pandemic strain.
4. Its mortality rate is very, very high at this point, on the order of 5% to 10%. In comparison, the 1918 pandemic virus (an avian influenza virus that adapted to binding to mammalian sialic acid residues) killed "only" 1% of the people it infected. As you say, "most" people are surviving (95%), but the survival rate was far higher for the 1918 pandemic.
5. The combination of shedding virus prior to disease onset and the efficiency of binding to mammalian sialic acid means this virus is no where near contained.
6. I'll bet money that isolates are already being inoculated into embryonated chicken eggs. If this virus has avian gene segments (since all H1N1 influenza viruses are decendents of the 1918 pandemic strain) and those eggs die in 4 to 5 days (instead of 7 required for high titered virus production for vaccines), we could be in deep sh!+. The global capacity for influenza vaccine production is about 250,000,000 doses per year, and that's if this virus can be propagated by traditional means. If it must be grown in cell culture, then there becomes a real problem with capacity because it is not even close to egg production.
7. This virus is resistant to amantadine and rimantidine but sensitive to zanamivir and oseltamivir.
With air travel as it is, this story could get ugly in the next year if proper public health precautions are not implemented. If we're lucky, this year's vaccine (which contains an H1N1 strain) may confer partial protection. If so, then the fatality rate (but not illness rate) could be reduced for those of us who received the vaccine.