Joe Paterno's lack of action, as well as the cover ups at Penn State certainly got quite a bit of media attention. But I believe it's only proper considering the serious nature of what they knew and what they didn't do.
Sandusky was not forgotten in all this though. Joe Pa has deceased, Penn State is reeling from the sanctions handed down by the NCAA, but the trial is being covered in the media. In the end, whether the newspapers or TV cameras stop paying any mind, he's going to lose his freedom and won't want to be anywhere near the general prison population. The man is a parriah wherever he goes for the rest of his life.
As for the punishment, it's plenty fair. In fact, the NCAA could have and maybe should have gone even further. It's a clear message here, sports cannot ever take precedence over some of the most basic rights and wrongs. Ignoring that some assistant coach is molesting children or trying to pretend it didn't happen because you don't want to deal with losing a valued coach should never be acceptable.
It's one thing if they didn't know this was going on, or if they investigated the situation seriously and came away with nothing at all.
When you want to make it clear that certain behavior is not to be tolerated one bit, you have to send a clear and serious message. Had the NCAA gone an extra step and expelled Penn State from being any part of NCAA D1 football at all and indefinitely, maybe other institutions would give serious thought to doing the right thing in a similar situation. This isn't akin to giving the death penalty to shoplifters. This is about an institution valuing their football program so much, they ignore numerous signs one of their football coaches is assaulting children on campus.
The next head coach that thinks maybe if he looks the other way, the problem can go away, he'll think of Joe Pa having his historic win record essentially wiped away and do the right thing.