SundanceFisher,
I work in the pathogenesis department at the University and we all see the media hype about H1N1 as something to fill in the news drought. However, to some extent the cynicism built up after SARS, etc is misplaced. It's like asking a skinny person why they're always exercising; confusing the goal for the outcome. To some degree, the fact that we haven't seen another Spanish Flu is because of these measures, not an argument for relaxing them.
The vaccine isn't a government experiment; it's something from the bug that'll evoke an immune response from you, thereby protecting you should you be exposed to the real thing in the future. Usually, this is a peptide cloned from a surface-exposed protein mated to a larger protein to enhance the effect. However, there is always a VERY, VERY slight chance that you'll have a severe reaction, and for that reason they are usually only administered to those in higher risk groups. Remember that bee stings kill people and it's more or less the same process. They'll have you hang out for a bit just to make sure. You have kids, which is the best way out there to get any disease, including this one, so I'd recommend you get it.
Immunity is immunity, regardless of how you got it. The problem with our increasingly sanitized lives is that if you're never exposed to anything, you're not immune to anything either, meaning that anything can make you sick. Don't go too crazy with the stuff.
This bug does seem to have more severe effects on the young, particularly young women, and even more particularly young, pregnant women. This is odd, since it's usually the old that are hit hardest for reasons I won't trouble you with. That said, it won't be a walk in the park for anybody. The death rate may be low because not many people have been exposed yet.