Yes, qTranslate stores all language info inside the post body which may be more convenient for editing but isn't good for several other reasons.
And that's why I chose Gengo over it even though Gengo's the development is stuck.
The best thing about Gengo is that it uses separate posts for different languages. Which means you can have as many posts in a single language as you wish - just don't link them to translations.
As for the message which says "No translations" you can modify the call to the_translations() function:
<?php the_translations('title_none='); ?>
And then it will output nothing if there isn't a translation for the current post.