Two of my kids and I likely have it now- pretty much as others have described. A couple days of moderate fevers, coughs, no energy, etc. Nothing earth-shattering. Part of the problem is that nobody is testing to see if you have H1N1, they just assume that's what it is. Makes it hard to say exactly how widespread the problem is.
As far as the vaccine goes, nobody in my family has had or will have it. When they offered it at work, one of the notices provided said that if you are forced to take it and end up with complications as a result, you CANNOT sue ANYBODY involved in the production or distribution for damages. It says that you MAY be eligible for compensation from a .gov fund. That speaks volumes to me. Also, several of my co-workers' physicians have told them that the vaccine has not been thoroughly tested and really does contain substances that would not be allowed if the H1N1 situation wasn't an 'emergency'. They unconditionally said NOT to get the vaccine.
I think that Big Pharma and the .gov folks who own their stock saw this as a great opportunity to make some phat cash, and the media is playing right along. Not that there is absolutely no chance it couldn't conceivably mutate into something worse later, but as of now I think the threat has been greatly over-stated so that some folks can make some more money.