This plugin limits content on front or archive page after set number of words, add gettexted more link to the end of it , pull out only wordpress allowed html tags, check if any xhtml tag is unclosed and close it, take and resize first image from the post.

Current version: 0.1 Initial Public Release

Downloadit from here:

content-and-image-teaser

Or from Wordpress repository:

content-and-image-teaser

Installation:

1. Unzip the content-and-image-teaser.zip file.
2. Upload the content-and-image-teaser folder to the /wp-content/plugins/ directory.
3. Activate the plugin through the ‘Plugins’ menu in WordPress.
4. Place following code in your theme (index.php, archive.php) within the loop:

<?php content(100, __('(more...)')); ?>