What I usually do is:
1 - Make a new class which extends the kind of preference I need to show (1 per preference type)
2 - Inside its code, do the appropriate actiob to show the updated summary
3 - Refer this class in the res/xml/preferences.xml file
Let me swo a small example, good for an EditTextPreference:
CLS_Prefs_Edit.java
/**
 * CLS_Prefs_Edit class
 *
 * This is the class that allows for a custom EditTextPrefence
 * (auto refresh summary).
 *
 * @category    Custom Preference
 * @author        Luca Crisi (luca.crisi.lc@gmail.com)
 * @copyright    Luca Crisi
 * @version        1.0
 */
package com.your_name.your_app;
/* -------------------------------- Imports --------------------------------- */
import android.content.Context;
import android.preference.EditTextPreference;
import android.util.AttributeSet;
public final class CLS_Prefs_Edit
extends EditTextPreference
{
    /* ---------------------------- Constructors ---------------------------- */
    public CLS_Prefs_Edit(final Context ctx, final AttributeSet attrs)
    {
        super(ctx, attrs);
    }
    public CLS_Prefs_Edit(final Context ctx)
    {
        super(ctx);
    }
    /* ----------------------------- Overrides ------------------------------ */
    @Override
    public void setText(final String value)
    {
        super.setText(value);
        setSummary(getText());
    }
}
res/xml/preferences.xml
<?xml version="1.0" encoding="utf-8"?>
<PreferenceScreen
    xmlns:android="http://schemas.android.com/apk/res/android"
    >
    <PreferenceCategory android:title="@string/pref_phone_cat">
<!-- NORMAL EditTextPreference, NO summary update -->
<!--         <EditTextPreference -->
<!--             android:widgetLayout="@layout/arr_dn" -->
<!--             android:key="phone" -->
<!--             android:title="@string/pref_phone_title" -->
<!--             android:summary="@string/pref_phone_summ" -->
<!--             android:defaultValue="" -->
<!--             android:inputType="phone" -->
<!--             android:digits="+1234567890" -->
<!--         /> -->
<!-- MY EditTextPreference, WITH summary update -->
        <com.your_name.your_app.CLS_Prefs_Edit
            android:widgetLayout="@layout/arr_dn"
            android:key="phone"
            android:title="@string/pref_phone_title"
            android:summary="@string/pref_phone_summ"
            android:defaultValue=""
            android:inputType="phone"
            android:digits="+1234567890"
        />
    </PreferenceCategory>
</PreferenceScreen>
Of course, set your strings in /res/values/strings, and you're done.
Note that this solution works for both PreferenceFragments and PreferenceActivities.
I'm using it for an app tha runs on 2.2 Froyo (showing a PreferenceActivity) as well as on 4.4 KitKat (showing a PreferenceFragment)
I hope it helps.