Yes. It is serious. It has the possibility to be fatal. It has the possibility to be dangerous. But at the same time, we don't know enough if the disease is going to be either a pandemic, or particularly virulent. It's something to be monitored.
Remember, about 36,000 Americans die on average per year from the complications of the seasonal flu. It's not the deaths I worry about, but the percentage of infectious cases that become fatalities; numbers which we of yet have no idea. Once we know that, then we can worry.
However, western hygienic practises are often the bane of infectious diseases. Remember the SARS pandemic? Yes, it had a high fatality rate, but we were able to restrict its spread to under 9000 people because we are generally...not living in filth. Those it did infect tended to be the ill, old, and infirm in places like Canada, where it had the highest fatality rate.