Yes, it is.
2009 H1N1 "Swine Flu" was the cause of a worldwide pandemic from April 2009 to April 2010.
The outbreak is now largely behind us, although the virus does continue to circulate at low levels with seasonal influenza viruses in 2010-2011. The scare is also over in the sense that we now know that this was may go down as the mildest flu pandemic on record. But that doesn't mean it was a false alarm, as some have claimed. The CDC has estimated that at least 60 million Americans were infected by 2009 H1N1 influenza, and that over 12,000 died, including 1,200 children. Consider also that those 12,000 people might well be alive today if not for this virus. In that sense, this was still a serious outbreak.
2009 H1N1 may continue to circulate for years to come, but it does not appear that we will experience a "third wave" of the pandemic. In fact, the World Health Organization declared that the pandemic was officially over as of summer 2010. It appears that the virus has taken its place among several other seasonal flu viruses that circulate every year in varying proportions. As of January 2011, 2009 H1N1 accounted for only about 10% of circulating flu viruses.
(Last Updated January 2011)