This posting on angrydonuts.com (merlinofchaos' excellent site) shows how to customize the placement of the 'read more' link on your site. Most excellent!

December 13, 2006 Update I've created a drop-in Drupal module (ed_readmore.module) that implements this handy feature and adds some admin settings to enable/disable, and control placement. Read more about ed_readmore.module.