That may work but a co-worker and I created some PHP magic with the following:
<?php
$content = $post->post_content;
$content = strip_shortcodes($content);
$content = str_replace(']]>', ']]>', $content);
$content = strip_tags($content);
$excerpt_length = 35;
$words = explode(' ', $content, $excerpt_length + 1);
if(count($words) > $excerpt_length) :
array_pop($words);
array_push($words, '…');
$content = implode(' ', $words);
endif;
echo $content;
?> <a href="<?php the_permalink(); ?>">Read and Comment (<?php echo comments_number('0', '1', '%'); ?>)</a>
It works for what I need and may well work for others too. This isn't in the functions.php file but like I said, it works.