I too perceived the spacing between my announcements to be more than I needed and not consistent with the spacing of the rest of my content.
SInce I use text only in my announcements, this is what I did:
Removed the extra <br> tag from the anouncement template in the module settings.
When adding or editing an announcement, I switch the editor from Rich Text Editor to Basic Text Box and check the Text radio button beneath the text box. I then removed any <br> and <p> </p> tags. When I am done I click update.
You can see the results here on my site http://mymagiczone.com