As far as news gathering, I don't believe there is a requirement. Mostly as there is really no way to gather all the information needed to get release forms done. After all, we see riots, home video, the stuff from Katrina, etc. and I really don't think people signed release forms.
Same thing with interviews. After having done several interviews, I've never had anyone sign a release. Now on larger "planned" productions, there may be some question and it's always better to get permission from the folks rather than risk a lawsuit later on.
However, for things like car accidents, and "News" there is no such requirement. That is indeed a commercial use of the footage as well. There have been dozens of documentaries filmed over Storm Chasing and Weather Disasters in general, here again, I really doubt that anyone went back to find the people affected and get them to sign a release form.
If it happens on a large scale and in the normally viewable public access, there is no requirement for privacy issues. Common courtesy would dictate whther or not you stop filming when asked by someone at the site. If you are on private property and filming something that you have no other access to, then there is a requirement to get permission and to stop when asked. There again, I've filmed several fire scenes where getting onto the property in question was the only way to get the shot. I've never been asked to stop filming.
I have been told to stop filming at car accidents though. Not by the LE folks, but by the people involved. There again, it happened in an area that is publicly accessable and there is no requirement for me to stop. What I usually would do though, to avoid what could be a confrontation, would be to stop filming in that particular area, move a few feet and start again. If LE asked me to stop, then I stop.
Ask yourself what the liability would be to you for filming what you are filming. Place yourself in that situation and think about how you would feel and that will determine more than anything else what you shoot and what you don't shoot. Your trying to tell a story and how accurately, or how you convey that story is up to you and your shooting.
David Drummond is another good one to ask this. He does some News Shooting. The fella from Breaking News Video can answer some of these better than I can as well.
The blank outs you see on Cops are usually not so much privacy issues, but where someone has specifically stated they don't want their mug on TV. Cops being a syndicated deal, also make arrangements with the PD they ride with. There may be some sort of thing going on there as part of the agreement for ride alongs. There is also the case of Minor Children and Witness Protection to a degree. Minor Children being specifically filmed usually requires parental consent. As part of an overall filming of an event, then no, the consent is not required.