I've always used a method where I explode the string on the space then iterate the number of words I want. This has the benefit of being configurable on the fly, too.
Plus, if the word count that you choose to display is higher than the length of the article/string, then you could end up displaying an "Read More" link when one isn't necessarily needed.
Consider...
$str="This is a piece of text that I want to break apart and only show part of this text with a more link.";
$wordLimit=10;
$strEx=explode(" ",$str);
if(count($strEx>$wordLimit))
{
for($x=0;$x<$wordLimit;$x++)
{
echo $strEx[$x]." ";
}
echo "...\n";
echo '<a href="page.php?page=XXXX" >Read More...</a>';
}
else
{
echo $str;
}