Hi Canadienne,
I must admit that when I first heard this song (waaay back when I was very young), I wasn't very fond of it. It was a song that didn't had that instant appeal to me as songs like "Bitter Green" or "Summertime Dream".
But my appreciation for the "Wreck" grew as I learned more about the context of the song. Living here in Austria, I did not know about this tragedy before I listened to Gordon Lightfoot's song.
Ever since, I've read a lot of articles, critics, fan postings and I have come to like this song more and more.
I can only imagine what it must be like to listen to this song, depicting the tragedy in perfect detail, when you have been a witness of the actual tragedy.
From all of the comments I've read so far, this song has managed to define Ccc (Canada's common conscience

)
And on a sidenote, I think Gordon Lightfoot and the Band perform this song even better live than the versions on record.