Flu reality check?

I’m hearing a lot of skepticism out there from people who think the world is over-reacting to the swine flu “imminent pandemic,” as the World Health Organization termed it.

Usually, the argument is that we need perspective. The regular flu kills about 36,000 people in this country every year, and about 500,000 worldwide. Auto accidents claim 40,000 lives or more. Less than 200 people die in Mexico, and one in the United States, and everyone goes nuts (Park City schools closed today on suspicion that students had the virus).
Coincidentally, Sweeps Week is coming up in May, so some people think television networks are trying to outdo each other with breathless warnings of impending doom.
I’m not knowledgeable enough about diseases, so I have little choice but to trust the health experts, and they seem genuinely concerned. I’ve read enough about the pandemic of 1918-19 to see similarities in the symptoms and victims involved today. I also think there is little harm in erring on the side of caution, especially when it comes to getting medicines and vaccines ready.
What do you think? Are people making too much of the swine flu?