We've done it both ways (744). When we first got the airplanes, we had to call out all FMA changes. Recently (after 3+ years) the FHB was changed, and we call out virtually nothing.
There was some initial hue & cry about making unnecessary calls, but after doing it for so long it became second nature. I sometimes find it hard to NOT make the callout, and do it under my breath all the time.
I think calling out the changes is useful for new pilots on the airplane, because it gets you to start thinking about "Why is it doing that?" When you get to the "Looks like it's doing that again..." stage, it may be less useful, but only because the habit and experience has been built.