The numbers are far too small to draw any conclusions about mortality rate. We don't really even know the rate of infection in Mexico, all we have is the number of REPORTED cases and the death rate in relation to that. Mortality rate in comparison to reported cases seems to be about 7 or 8% but the actual mortality rate will be something less than that. Given the lack of deaths so far in other countries I would say the true mortality rate will be considerably less than 7%.
There is little doubt that we have a decent potential for a pandemic. The main thing that prevents a pandemic from happening every 5-10 years is that epidemiologists correctly predict the right strains to put in the vaccine for the year. This time round they got blindsided, which will happen from time to time. So the vaccine does not appear to prevent illness, but it may mitigate the worst effects.
OTOH we pretty much DO have a 'flu pandemic every year. Every year in most countries a significant number of people come down with the 'flu. That pretty much meets the low end of the definition of a pandemic. The thing that prevents it from being 1918 type of pandemic is that the strain for 99 years out of 100 is a strain of low virulence which is only potentially deadly for the old, infirm and infant.
What needs to happen for us to get another 1918 is that the epidemiologists don't predict the right 'flu strain, and that strain happens to be a particularly virulent one.
This time round it appears the epidemiologists have missed the mark, but fortune seems to indicate they didn't miss the mark by much. Early indications are that this strain may be more virulent than average, but probably not 1918 virulent.
The difference between SARS and 'flu is that SARS didn't appear to be highly contagious, and it had a fairly low mortality (1% is low compared to deadly diseases, e.g. bird 'flu kills about 95% of chickens (within 48hrs) in an epidemic, now that's deadly). A 'flu virus that can be transmitted between people is always highly contagious, so don't underestimate the potential for global spread.
If this 'flu "only" has lethal potential among those who are traditionally at risk of fatality then any pandemic that may result won't kill millions, but it will kill more than normal because the vaccine probably won't help the at risk population very much.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix