Homepage Excerpts is a WordPress plugin that allows you to add some extra flexibility to the display of posts on your main page. Usually you would have to have all posts displayed in their entirety, have all posts truncated, or Use the Optional Excerpt or More Tag. With the Homepage Excerpts plugin, however, you can say “I want the first post to be displayed fully, but the rest should be shortened.”
The plugin allows you to choose the number of posts to be displayed fully, and whether it should use the Except field or just truncate to a certain number of characters.
Personally, I prefer to manually use the More Tag on my posts, but I’m sure plenty of bloggers will find this useful. To see it in action, visit logo designer David Airey’s website.