I call a 7/100,000 chance of death a moderate risk, not miniscule. Also, the 1/3000 chance of contracting pneumonia might be an incentive for some people to get the shot. Further, those figures are estimates based on the current virus. It is possible that the virus will mutate to become more deadly (I have no data on how likely but I've read that H1N1 mutates easily).

Also, those figures are based on one year. If you don't get vaccinated and don't contract H1N1 this year, what are the chances that you will get it in the future? My figuring leads me to believe getting the shot is the rational choice.