As of June 12 (which is a few days ago, already) only 145 people, worldwide have died of the H1N1 strain of the flu.
A CNN article from April 28, 2009 (which, again, is not the most recent article) notes that the regular flu had already killed thousands since January 2009.
There are a lot of what-ifs in this world, I think and basically, living in the world means taking risks. But, at this point the H1N1 flu strain is a big non-event. Even if a child is infected with it, it's rarely anything more than a case of the flu--in some cases the child may need to be hospitalized--but that is also the case with the ordinary flu bug. I'd really like to see the statistics, not on the number of people infected, but upon the severity of the infections (number of people in critical condition because of the flu). To report that more people have been infected with the flu is, in itself a non-event. If people start dying of this flu in Hong Kong, then that is a cause for concern. Outside of Mexico (and those who were infected in Mexico, crossed the border and then were admitted to hospital) the mortality rate for H1N1 is really, really low.
For PR reasons and maybe some legitimate health risks, the government closed the kindergartens and may close the high schools. But, I think that hindsight will eventually prove that this situation has been somewhat of a false alarm in light of the facts about how dangerous this flu bug really is.
I watched a lecture by a well-known doctor talking about the principles of transmittable diseases. He said that generally, diseases that kill rapidly without and from which recovery is almost impossible (i.e. ebola) usually don't transmit very far. It's sort of like a forest fire that burns fast and hot but once it has consumed all the fuel around it, dies out. Whereas, diseases that spread very quickly and throughout the population (i.e. the current H1N1 strain of the flu) usually don't pack enough punch to be fatal in most cases.