How much trouble do you guys run into as far as hearing what's going on around you (sirens, etc)? I still consider myself a new rider, so there's no way I'm adding music to the mix anytime soon, but I do find that with the full face helmet emergency vehicles seem to sneak up on me, and when I do hear the siren, it's a challenge to quickly figure out where the heck it is coming from while figuring out how the "cages" are going to react to it.
Is this just something I'll get better at as I gain experience?
I cant hear all that much anyways when I'm riding. With the wind noise and the bike itself there isnt much left over. I can actually hear more with earplugs than without as they tend to filter out the really loud sounds but leave the others more audible. It can be disorienting at first, but if you try it you can actually hear a heck of a lot more from the bike itself as well (induction, transmission, etc rather than just valvetrain and exhaust).
Sirens are a problem no matter what. The best way is just to keep your eyes out. Well, you could also just go fast enough they never catch up with you anyways, just make sure it isnt you that they are chasing
Seriously though, emergency vehicles can sneak up on you, the same way as everything else on the road. The only thing you can do is keep your situational awareness up. Riding in the city is pretty much a condition orange affair at all times.
The IEMs look like a pretty good solution to having on-board music. I too am a cheap bastard and will not likely spend that much on sound, but its nice to know that there is an easy option.