How to show first X items and add and ellipsis [...] if there is more items?
I have not tested this, so consider this an educated guess: 

Go to /sites/all/themes/yourtheme/ folder and in template.php add the following code:

function yourtheme_preprocess_views_view_fields($vars){

  if ($vars['view']-&gt;name == "view_name" &amp;&amp; $vars['view']-&gt;current_display == "block_1") {
    if (isset($vars['fields']['field_example'][3]-&gt;raw)){
      $vars['fields']['field_example']-&gt;content = $vars['fields']['field_example'][0]-&gt;raw . ', ' . $vars['fields']['field_example'][1]-&gt;raw . ', ' . $vars['fields']['field_example'][2]-&gt;raw . '...';  
    }
    else { 
      $vars['fields']['field_example']-&gt;content = $vars['fields']['field_example']-&gt;content;  
    }
  }



replace yourtheme with the actual name of your theme
replace view_name with the name of your view.
replace block_1 with the machine name of your view. 
replace example with the name of your field.