Finally the 'Read More...' or called by blogspot 'After the Jump' feature is now available. I have not tried it yet but I will. Here is
excellent guide by Google for you to read how to do this modification. Yes it requires little modification to the template. Ensure to back it up, and do yourself a favor, just create a test blog to install and test drive this feature. Never know, you may like or not. Before I conclude this post, you have to run new post editor. This can be changed in Settings > Basic, and scroll down to see the options.