Unfortunately the Panorama on Tallinn is now irrevocably destroyed in a purely aesthetic sense, and nothing will bring it back. This has to do with the combination of machinations and dealings between Political factions and the inevitable "handshake under the table" mentality of both parties, that continues to be the rule of thumb for business transactions in Estonia. And, of course, our "medievality" as a trademark for tourism is being seriously eroded in the process.

One blessing is that there are in fact 2 distinct skyline areas -- Toompea and the old town spires on the right (when approaching by sea) and the new bump on the landscape to the east -- the highrises of Maakri / Tartu mnt., also known as the new "city".
I'm not sure how much of a buffer-zone there is surrounding the old town, where the building of high rises is prohibited, but (until now) no building in Tallinn has been allowed to exceed the height of Oleviste kirik's 123,7 m tall spire, which remains king. The newest and tallest twin towers Tornimäe tornid are 30 stories --117 m.
One possible question mark in terms of possible encroachment ("too close for comfort") to vanalinn is the new face of the Rotermanni kvartal, between the harbour and Viru hotell, where 2 or 3 cranes currently rise...

I think urban density is just as important with a medieval city than it is with a modern one. A big problem with many of the "commie blocks" (besides their lack luster architecture) that were built 50 years ago is that they were, and still are, completely isolated. In order for a city to stay vibrant, its population needs to grow from the core, mixing its business with its residence. Aesthetically speaking, the marriage of modern architecture with historical landmarks is beautiful and in itself sublime. To keep a historic part of a city isolated from the rest of the living city is as silly as seperating housing blocks into barren fields. New gems like the city residence on Liivalaia or Tornimae and glass structures like the city plaza or KUMU continue to help Tallinn grow, not only as a dynamic economic core but a livable city for the people of Tallinn. The expansion also helps bring the city closer to the sea. Sadly, Vanalinn now belongs to tourists. Tallinn's modern expansion is for the people of the city, and it would be naive to think it doesn't contribute to the growth of the country. To call modernism or highrises "obscene" is purely subjective. I personally praise the growth of the city's modern skyline.

Õige jutt, põhimõtteliselt. But the "kilukarbi siluett", as it is often called -- because it has been immortalised on an anchovies can, among other places -- has literally been Tallinn's symbol for centuries; its calling card when apporoaching by sea, for sailors, citizens and tourists. My dad for instance forfeited his Helsingi-Tallinn plane ticket when he returned for the first time in 1995, just so he could arrive by water, (as he had left) and see the approaching skyline... So Toompea and the handful of steeples are sacred to many and if you begin to imagine any part of that view being blocked by a block... it would be a huge historic loss.

It is actually also the new Tallinn logo: http://www.tallinn.ee/

logo contest finalists (if the pics open up for you, they didn't for me...)
http://logo.tallinn.ee/index.p...

uus logo:
http://www.epl.ee/artikkel_302...

eelnev logo:
http://www.epl.ee/artikkel_247...

If you happen to travel along Narva mnt, then perhaps you might have had the same reaction as I have had; that the new facade of Viru Keskus(including the car park) is a complete disaster architecturally! It makes one literally nauseous, although the view from Hobujaama or Kaubamaja does not appear that bad. Hopefully the new building opposite the post office will somehow give the Viru keskus a little bit of "breathing space", although it is clear that from a practical and functional point of view, VK has fallen short of many people's expectations.