Cem, you might find the following article interesting. It seems some people in Cairo are debating the same question.
http://news.bbc.co.uk/2/hi/middle_east/4485521.stm
I lived in Qatar for a couple of years, and was struck by the very different approach to reading the azan that they have there. In Doha, the main city in Qatar, there are a relatively small number of huge palatial mosques. You normally only hear the azan coming from a single mosque at one time and it is not amplified very much. The result is very aesthetically pleasing.