Recently there has been the whole swine flu thing... but have you ever thought about the enormous amount of different diseases one can get on a plane/bus/train/public transportation, in general?
Countless respiratory conditions, not to mention skin ones... if you fly/ride, you are likely to be exposed to some of them.
Do what you can, what you feel comfortable with. Wear a mask, wipe trays, have antibacterial lotion handy, don't touch anything in lavatories (if so, use some kind of plastic/paper protection), don't take off shoes, etc.
I am not sure whether I would have offered a mask to another person, but if I saw someone coughing heavily I would, just in case, wear mine. But then again, people cough for a number of reasons, and some people might be very sick and show no symptoms (as in early stages of some respiratory conditions).
And who can tell the guy who was previously sitting on my seat wasn't coughing as well, and maybe sneezed and touched my seat or the back of the seat right ahead of me, or the tray where I am about to put my food on?!
It is wise to do what you can to avoid getting sick, but one must understand chances will be reduced, but not eliminated. That is life...