as far as media coverage is concerned, it really depends from country to country. We do have quite a large amount of world-wide media coverage over here, and it is not only focused on the most obvious topics (such as Iraq or the recent Hurricanes). I guess one of the reasons might be that Germany is small compared with the U.S., and for whatever reason there might be a larger desire to hear about international news.
But to come back to the original topic, yes, there were official commemmorations both in Tallinn and Stockholm (the ship sank enroute between the two capitals). During both ceremonies, relatives again demanded an independent investigation of the sinking. Hundreds of them have founded an "'Estonia' Victims Foundation" to express that desire.