A Desert Newsarticle about 2 more H1N1 swine flu deaths in Utah reveals that the The Centers for Disease Control and Prevention ("CDC") has categorized swine flu as a Category 2 outbreak, with the possibility of 90,000 to 450,000 deaths in the U.S.
A Category 2 has the following characteristics:
Case fatality ratio of 0.1 percent to less than 0.5 percent.
Between 90,000 and 450,000 deaths in the U.S. (compared with estimated 36,000 deaths during a typical influenza season).
Excess death rate of between 30 to less than 150 per 100,000 people.
Illness rate of between 20 percent and 40 percent.
Similar to the 1957 flu pandemic.
The death toll is not surprising when you consider the possibility that a large percentage of the U.S. population could get sick from swine flu. The U.S. population is around 300 million. If 50% get sick and the swine flu kills 1 in 1000 people (.001%) then there would be 150,000 deaths. If 50% get sick and the swine flu kills 1 in 250 people (.004) then there would be 600,000 deaths.
The CDC's H1N1 website can be found here and more H1N1 resources can be found here.