The WHO rating has nothing to do with the virulence of a disease, only how far it has spread. WHO finally has conceded that the H1N1 flu is spreading
in communities in two separate "regions", whatever those are. That's all the pandemic warning means.
Depending on what sources you read, the numbers of infected and dead vary considerably. However, the mortality rate of this flu is quite small, not
any different from ordinary flu. We had, according to the
LA Times, over 27,000 confirmed cases of H1N1,
with 141 deaths. In the meantime, seasonal flu has killed 13,000 people since January (link
here). Nearly 100 times as many people died from plain, old, ordinary flu, but
that's not considered newsworthy.
So far, H1N1 is a non-event. What is worrisome, at least to me, is that this strain is behaving in many of the ways the deadly flu of 1918-1919
behaved, including a relatively mild, though widespread first wave. The concern is that the strain may turn deadly and break out again in Autumn.