This is similar to something I wrestled with after the Boston bombings. My job is in the TV news field and sometimes I end up out on news (it has been sports still photos, but because I can run a video camera I never know when I might be needed). On one hand, it is news and as long as it isn't showing anything graphic, it really isn't bad other then respecting the family of the fallen. On the other hand, I personally wouldn't want to see it and would probably want to help out more to the victims then anything else.

Since I have never had to witness a bad accident at a race track, even if I was doing it for work, I would probably stop taking photos/videos out of respect. If I was there for work and I edited the video, I might show the person racing but not the accident itself. If I am doing stills for personal or work, I would probably delete the photos of the accident. Personally, I hope I never have to make that decision.