I don't begrudge them when they announce a certain chip is in play (black action, purple action, etc). This is usually because the supervisors track those chips much more carefully, and it's important for the dealer that the pit doesn't think that a few black chips just wandered out of his tray.
"checks play" is most often used when bets are over a predetermined threshold. Once in a while it seems like it's used by a dealer who is narcing on a player who increases the bets a lot over previous levels, though. Of course, if the dealer is calling out checks play every hand, it can get old fast.
What annoys me?
Announcing every hand that I surrender. That's just lame.
And more specifically annoying was a hand after I had just sat down at a table. I was only betting a single black chip. However, the hand multiplied itself 4x, and when the dealer busted, she announced "four black out", which got some attention from the pit, and might have made it seem like I had ramped my bet far more than I had. I mean... I'm glad I won the hand, but it was annoying.
And also, "green action" always makes me giggle.