I just installed the new Advanced Excerpt onto my WordPress 3.4 site using Twenty Eleven theme. I had modified the content.php per these instructions
to show excerpts with thumbnails on my home page. Two problems. First, headers (e.g., h1) are showing as plain text. Second, if I put an image at the very beginning of the post, it is shown in the excerpt - even if I don't set it as a featured image. If I set it as a featured image, it is shown twice.