It is also true that at some point this strain may mutate into a human-human virus. It has appearantly done so on a limited scale. If it changes vectors into an airborne pathogen at this point, then things change. 1918 may look like a small disturbance when you consider that the population scale is quite a bit different today and that the most populous nations have terrible records of sanitation, disposal, and informed/schooled people.
Of course there's the hype. Of course the main stream media wants us to feal the fear, and perpetuate PHRASECENSOREDPOSTERSHOULDKNOWBETTER.'s mass panic. None of this changes the fact that this (or something very like it) is far overdue. Given global travel and already narrowly missed containment breaches (ever read
The Hot Zone ?) the odds of this happening are exponentially higher than they have been in the past century.
Okay, that being said, your observations are great... you present the facts clearly and without prejudice. And I agree that there's nothing to really panic about. But I will say this... all the talk about the bird flu actually got me coming to this site and thinking about being prepared for civil disorder in general. So the combination of hype over Katrina and the Bird Flu may lead some more people here and that can't be a bad thing.
Even my brother who's notoriously underwhelmed by such hyperbole has begun to think about stocking up when his power was cut off and winter heating oil issues came up.