Upgraded to WP 3.3.2 and TGP 1.3.3 (from 3.3.1 & 1.3.0 respectively).
Now no matter what I use in the shorten_content option, the post on the news page is always the same length. Doesn't matter if I use the c or the w to limit the length.
My tag looks like this: [tpg_get_posts fields="post_title, post_content" show_entire="false" shorten_content="w300" text_ellipsis=" ..." ]
Also worth noting: on the plugin's overview page, it shows a tag as post_entire="false" while on the options page, it has show_entire instead.