Chiron's flu vaccine against H9N2 avian influenza strain showed promising results in its clinical trials:

All vaccine formulations containing the adjuvant MF59 proved highly immunogenic, inducing antibody levels believed to confer protection against the influenza strain. The lowest dose contained 3.75 micrograms of antigen per dose, a quarter of the dose used in seasonal influenza vaccines.

While it still is not the answer to the threatening H5N1 strain of avian flu, these results may indicate that the use of adjuvants could help increase efficacy of a vaccine under development.

Meanwhile, a European consortium of researchers have developed a vaccine called RD-3 for yet another strain of avian flu, H7N1, using a method called "reverse genetics" (Unfortunately, I can't find relevant material which would explain that further). Clinical trials for this vaccine candidate are said to be set in spring.

And then again, in a different approach, Sanofi Pasteur is soliciting volunteers to test a vaccine made from an inactivated H5N1 avian flu virus isolated last year.

We're probably nearing the development of a vaccine. But then there's the next task: to be make it in quantities enough to stem a pandemic.