... I think I see where you're coming from -- by realizing we're not at the far end of the unhappiness scale (since we have a counterexample to that), we should calibrate our feelings about our situation accordingly, yes?

It's still not the way I view things; I'd like to say I prefer judging these things according to an absolute standard, but it's likely that that would be less true for me than I want it to be. To the extent that it doesn't hold true for me, I think it's better to take into consideration better states as well as worse ones. Saying, "at least I don't have it as bad as X" just doesn't feel enough; everybody who doesn't have it as bad as X could say it, and people in this category can vary widely in their levels of satisfaction, the more so the worse X has it. It's more complete to say "Yes, but I don't have it as good as Y either" or, better yet, "I have it better/worse than my need requires".