Spot on Ike.
The FMA (on the bus) is what the aircraft is *actually* doing, whereas the MCP is what you've *asked* for...the two are not always the same!!!
Therefore it is critical to annunciate any changes to the FMA state. Annunciating changes to the MCP are good for SA for the other pilot though.
I do agree though that there can be too many calls. A few years ago, my company went down the road of changing SOP to annunciate almost everything. It was a wordy nightmare, to the point of distraction (missing radio calls etc etc). To their credit, they have since cut down the number of calls once they realised the issues it was causing.