How to have postings in blog with custom teaser length and read more links
Can you use "Rewrite the output of this field" on the teaser (or the body) to limit it to a certain length? You can break on a word and show an ellipsis, and you will also be able to show the Read More link as usual. You have to use a row style that will let you use Fields for this, though. Otherwise, you could try to find the function that Views uses to do the same thing and add a template file and preprocess function to alter the teaser length in the same way.

Check the "Information" setting on the bottom-left of the Views 2 UI to see the available templates. You basically copy the base version of one of these to your theme directory, name it as specifically as is needed, and then change it to match your needs. In this case, you wouldn't change it, but you would implement THEMENAME_preprocess_PATTERN (&lt;--- depends on which one) to style the field value appropriately.