You all might been wondering why Blogger is not keeping up with Wordpress ? and Why people eventually start on Blogger and then switch to Wordpress once they get traffic ?
The answer is simple, The Power to Customize. Albeit, Blogger is trying to come up with unique ideas similar to Wordpress but in a totally different way. Instead of coming up with new foxy Blogger Layouts and Templates, Google thought of improving the existing ones. Intelligent !
Below are a few !

Wordpress like Except's : Recently Blogger launched it latest post editor (previewed in the picture below) which contains the in built feature to make excerpts like Wordpress.

What else ?
Improved Image Handling
Improved Raw HTML
Geotagging
Vertical Resizing
Easy link Editing
Full Safari 3 Support
New Preview Dialog
Placeholder Image for Tags
New toolbar
New editor features in detail

Let me just explain the use of <!-- more --> excerpt posting in Blogger and why it was made.

Users of the blog-o-sphere saw that Wordpress users had the privilege to display just a preview of the articles they wrote and then get SEO + User acceptance and value. Blogger's were irate with Blogspot lacking the same. Then came the Javascript + CSS Hack called Expandable Posts. Which gave Blogger's the liberty to try something new and temporarily subside their Wordpress dreams :D

Its was not a blessing in disguise but only a temporary but a major fix. This hack did not trim the full post but only hid it from the user, result ? Google still could read the full post on the page as it reads the source code (see the below picture to understand it). This hack had great User value but none for the SEO [psst, its Search Engine Optimization; if that's what's bugging you lol].
Example Post for Full Post presentation.

What had to be done

<span id="fullpost">
excerpt to show comes here
</span>
rest of the article here

Code Presentation below


If you clearly see from the above picture, the code shows what happens when the category or the homepage loads. The fullpost span is hid using CSS. Albeit the code is still there visible to the Search Engine Robot but not to the lol Naked Eye.

Story Page Code


If you see now, the full post component is displayed using CSS and its works good for both the User and the Robot.

This was the example, now lemme show you the homepage code preview or this blog.



See ? There is absolutely no hidden component but all trimmed excerpt ! Isn't that foxy ?

With Blogger's <!-- more --> add-on we... of coarse you also ;) can print articles exactly like Wordpress. Voila !

UPDATE : The <!-- more --> tag works in Old Editor also - Bingo !