Well, it's something which I've talked about for years.  It's really something that is more to do with the DNN Internal syndication method, which generates the feed, combined with the XSL's provided.  You can always modify the Announcements module, but that isn't going to fix it.  In fact, it's not only the Announcements module that has this flakey appearance within the RSS module, as most modules use the same tired approach that is tied to the DNN Search mechanism.  I've got a couple of blogs about read it, if you want to know more about that topic.

Now, even with this type of DNN generated feed, you could modify the default.xsl, save it to your portal n folder, and upload as the XSL to use in a module.  The changes you would make have to do with getting rid of the module name in the title, reordering, and styling the item elements.  It's pretty basic stuff if you know XSL, but not so intiutive if you don't.  What's your level of understanding of XSL and CSS?