Despite the opening claim to being "fairly sober -- neither alarmist, nor dismissive", I thought the choice of emphasis here is somewhat in the alarmist direction, mostly making sure to mention how bad it could be. Examples:
I expect it will go global in the next couple of days, maximum.
The social breakdown in a pandemic is extraordinary.
No-one knows how bad another pandemic might be in terms of mortality... single digit millions... 100M might be possible.
...you should probably not believe anything any politician says about pandemic influenza.
So let me offer as a small counterweight the at-least-as-likely alternative scenario: flu deaths worldwide in 2009 will be about the same as previous years, around 40K in the US and up to 500K worldwide.
At this point: eat well, sleep well, and discourage sick people from coming to offices or socializing. Same as always.