This is all speculation, but I wonder what people think of it. First I keep reading that 20,000 Americans die of flu every year (yes, mostly during the winter). Out of how many cases? Clearly millions, so let us guess 20 million. I could probably find it somewhere, but the details are not important. So there is one chance in a thousand of dying from it.
Now 100+ Mexicans have died out of 1600 confirmed cases. My WAG is that the average Mexican peasant or worker hardly ever sees a doctor, even if he has the flu. Those 1600 confirmed cases could easily hide 100,000 cases or even more. Only the most serious would get to the hospital and only the most serious of them would die.
One more point is that the Americans and Canadians who have been confirmed have had relatively minor cases. Flu is never pleasant, but rather rarely that serious either. So I have no reason, so far at least, to think that this is anything more than an out-of-season flu epidemic. I am certainly not about to panic.