Birdflu is actually now known to be unable to spread through the air between humans. Thing is, unlike normal flu, it infects cells which do not cause coughing, and on top of that the infection happens deeper in the lungs than for normal flu, which is one of the things that makes it so deadly. So basically, if it did mutate to spread like normal flu, it would also lose a fair bit of it's potency.
Finally, think on the history of it: How long has it been around in Asia? Several years at least, that we know of. People there live in much greater proximity to animals, have significantly less capable health services, and there are a lot more of both birds and people than in either europe or the americas. Yet not many people have been infected so far, and even fewer have died there. More people die every month from bee stings than have died to bird flu over the last several years. SARS was/is an entirely far greater threat than this.
Forgive me if I don't panic just yet. Precautions good, monitoring good, panic and overhyping the threat - bad. Right now they're just crying wolf when the wolf isn't there, and if one day in 10 years the wolf is there and they've been continuing this panic mongering all that time... well, you get the idea.