Question for armchair virologists out there: if H1N1 mutates and becomes a killer...will the current H1N1 vaccination provide any protection?
It may continue to provide some protection, but it really depends on the specific mutation, so there are no guarantees. That's exactly why the regular flu shot needs to be updated regularly. Don't forget that "protection" could also include getting sick but avoiding the really serious complications, and does not only mean avoiding coming down with it at all.
...immunization might just up the odds of becoming deblitated by a more virulent and deadly strain.
This point is not necessarily true. Allowing yourself to catch H1N1 now may not confer any more protection to a mutated H1N1 down the road, plus you're adding more risk up front that you'll be one of the unlucky ones who develop a very severe reaction to H1N1 now. And immunization could also very well protect you from a more dangerous mutated strain.
From the public health perspective, avoiding or at least delaying the spread of H1N1 is a primary goal. Allowing yourself to catch H1N1 also means that you'll likely pass it along (since you'll be infectious before and after symptoms disappear), and the highly infectious nature of H1N1 means lots of people get sick at the same time, swamping medical resources at the same time.
Edit: Lono, you mentioned age, which is something most people forget about with the H1N1 vaccine. Currently, anyone over 25 and without any health conditions like heart disease, asthma, etc. are not part of the priority group who should be vaccinated first. On the other end of the age spectrum, depending on how the flu season develops, those over 65 may not ever be recommended to get the H1N1 shot (although still highly recommended to get the seasonal flu shot). We'll see if those recommendations change as the flu season progresses.