I believe WordPress could be enhanced by having a better "get_the_content();" function. I've written more about it here:
http://nslog.com/2006/11/13/fixing_read_more_links_in_wordpress/
Essentially, I'd like WordPress to allow me to determine how the "Read More..." links are written. Either they could be included in the last sentence of the entry body's last paragraph (without a <br /> tag) or in their own paragraph. The current method produces ugly HTML that isn't very flexible for the user to work with via CSS or other styles.
Sample code exists on my site, as does a proposed change to the "get_the_content()" function.
I've written more in the URL above, so please have a look.