Europe
In Europe, transmission of pandemic influenza virus remains geographically regional to widespread in the central, eastern, and southeastern parts of the continent, however, overall activity continues to decline in most places. The overall rate of respiratory specimens testing positive for influenza (16%) continued to fall since peaking (45%) during early November 2009. 
Source: W.H.O.

United States
The last report from the CDC show, that the influenza activity throughout the United States is below threshold limit, which mean that the activity is below the activity seen in seasonal influenza outbreaks.
Source: CDC

Rest of the world
As of 24 January 2010, worldwide more than 209 countries and overseas territories or communities have reported laboratory confirmed cases of pandemic influenza H1N1 2009, including at least 14711 deaths. 
In North Africa, limited data suggests that pandemic influenza virus transmission remains active and geographically widespread, particularly in Morocco, Algeria, Libyan Arab Jamahiriya, and in Egypt, although most countries in the region appeared to have recently passed a peak of activity during December 2009 or January 2010. 
In South Asia, pandemic influenza activity remains active but geographically variable. 
In East Asia, transmission of pandemic influenza virus remains active, however, overall activity continued to decline in most countries. 
In Southeast Asia, transmission of pandemic influenza virus persists, but current activity levels are low.
In temperate regions of the southern hemisphere, sporadic cases of pandemic influenza continued to be reported without evidence of sustained community transmission.
Pandemic influenza (H1N1) 2009 virus continues to be the predominant virus circulating worldwide. Seasonal H3N2 and type B viruses are circulating at low levels in parts of Africa, East and Southeast Asia and are being detected only sporadically on other continents. 
Source: W.H.O.

Comment
The first wave of the H1N1 pandemic has peaked and influenza like illness is declining world wide.
It is expected, that low level transmission will continue, on the northern hemisphere until May or June and on the southern hemisphere until a second wave develops over the approaching winter season.
Even though some serious case have been seen, the pandemic have overall had a mild course.
The new H1N1 virus is different from the previous seasonal H3N2. It infect younger people, with few people over 60 being  infected, and obesity is a considerable risk factor for serious illness.
Very few cases of H3N2 is seen, which is as expected. The new pandemic virus will replace the previous virus, thus replacing the H3N2, which has circulated since the 1968 pandemic introduced H3N2. 
H1N1 will course outbreaks almost every winter season and become the dominating seasonal influenza virus until the next pandemic.