Earlier quoted context omitted.
The trick is to use an inline volume control, like this: http://mobile.walmart.com/ip/Koss-In-Line-Headphone-Volume-C... Then turn the airplane's volume to max and adjust your inline volume to a comfortable level. In my experience, the announcements will then also be at a comfortable level.
In my experience, the announcements are always in the top 95% of the channel's dynamic range. Setting the volume such that the announcements are at a reasonable level renders everything else way too quiet.
Hence my solution: Set things up so your volume is always at 100%, and the inline volume control device is throttling that down to a comfortable level.