There have been a couple of casualties from H1N1 here in Sweden aswell, but as soon as you look past the panicky headlines you notice a pattern: almost all of those who have tragically passed away from swine flu complications were already ill in some other way - cancer, HIV, heart conditions, etc. Most other people affected by it will probably be bedridden for a couple of days (it's a flu, after all), and then be fine.
It's kind of scary how fast the flu is spreading though (and there will be mandatory flu shots here within a couple of weeks, starting with hospital staff, pregnant women, toddlers, then working their way down to the less-likely-to-suffer people like me (30-somethings)), but as Sarah notes, the real trouble begins if/when it mutates.