Don't sanitize the more link in a view?
The most direct way would probably be to do something along the lines of...

function YOURTHEME_preprocess_views_view(&amp;$vars) {

  $name=$vars['name'];
  $display_id=$vars['display_id'];

  if ($name=='THE_VIEW_YOU_ARE_LOOKING_FOR' &amp;&amp; $display=='THE_DISPLAY_YOU_ARE_LOOKING_FOR') {

     $vars['more']= // the exact html you want to have in your more link

  }

}


If you would rather work with just templates, you can copy views-view.tpl.php to your theme and name it appropriately, eg, views-view--VIEW_NAME.tpl.php, and then modify the following in it:

&lt;?php if ($more): ?&gt;
  &lt;?php print $more; ?&gt;
&lt;?php endif; ?&gt;


to whatever you want $more to be.

Clear theme registry/caches and you should be all set in both cases.

ADDITION DUE TO COMMENTARY:

Gotcha.  However, the more link is generated from inside the view display plugin via render_more_link() and it eventually creates it by calling up a theme template via...

return theme($theme, $path, check_plain($this-&gt;use_more_text())); // D6


or

return theme($theme, array('more_url' =&gt; $path, 'link_text' =&gt; check_plain($this-&gt;use_more_text()), 'view' =&gt; $this-&gt;view)); // D7


...both implementations of which check_plain() the text entered via the UI.

So, in order for this to work via the UI, you will most probably need to craft up a new views display plugin without that check_plain() in there.

It also goes without saying that you will need to have implicit trust in the folks working with the UI to not enter any errant HTML in there.