Hugh Hewitt linked to a lengthy article in Foreign Affairs about avian influenza. The bad news is that this variety of the Flu has at least in theory the possibility of killing a huge percentage of the world's population. So far only 109 are known to have contracted this Bird Flu, but of those 59 have died. The good news is that at this time there is no evidence that it can be transmitted from one human to another although there are unexplained cases.
In 1918 - 1919 the "Spanish" Flu killed 50 million people. Scientists say this Flu known as "H5N1 influenza" has the potential to be much worse than the "Spanish" Flu. "In short, doom may loom. But note the "may." If the relentlessly evolving virus becomes capable of human-to-human transmission, develops a power of contagion typical of human influenzas, and maintains its extraordinary virulence, humanity could well face a pandemic unlike any ever witnessed. Or nothing at all could happen. Scientists cannot predict with certainty what this H5N1 influenza will do."
This has doctors concerned and uncertain what to recommend. Rushing out to "Do Something" such as the USA did in 1976 over fears of a possible flu epidemic that never happened would be a mistake. This lengthy article offers no real advice as to what the USA could do (other than give the doctors more money). It does make clear that if such an epidemic should happen you are better off living in the USA or another wealthy country as opposed to living in the third world where medical resources are far more limited.
So what should we as individuals do? First pray that the world will be spared this flu. Then do your best to stay healthy. Those with weakened systems will be more succeptible. Like for many other dangers in modern society, if you can move out of a major city and into a smaller town, that may tilt the odds in your favor. Of course stay informed. Information is one of the most powerful things we have going for us. If this does turn into a real danger there will be lots of information available as to how to minimize the risks of catching this. Look for sources like Flu News Blog as well as more conventional sources like the Washington Post.