I am running 3.4.9 and I have Excerpt length set to 200, yet the articles cut off at about around 60 works or so. It is properly displaying the custom read more link so it is executing correctly I'm just not sure what the problem could be. I'm not placing any manual read more breaks into the articles themselves and, as far as I know, I have it configured correctly. Am I missing something?

what version of WP and what is the url?
do you have any '<!--more-->'s in the post?

WP 2.9.2 and url is www.pvpgamer.com
No there are no more tags in the posts, which is really confusing me. The account info I sent you in PM should still be active if you want to take a look.

Just a little update. Done some testing trying to figure out what's causing this and I'll give you a couple examples here.
Text of lead article with excerpt length at 20:

There is an awesome article written by lead content

Excerpt length at 50:

There is an awesome article written by lead content designer Colin Johanson up at the Guild Wars 2 website. There is not any PvP relevance to the article but it did point out quite a few of the inherent flaws

Excerpt length at 100:

There is an awesome article written by lead content designer Colin Johanson up at the Guild Wars 2 website. There is not any PvP relevance to the article but it did point out quite a few of the inherent flaws in PvE content that make it such a bitter pill to swallow. I won’t bother trying to rephrase the content as he says it much more ebulliently then I could manage so head on over and take

Excerpt length at 200:

There is an awesome article written by lead content designer Colin Johanson up at the Guild Wars 2 website. There is not any PvP relevance to the article but it did point out quite a few of the inherent flaws in PvE content that make it such a bitter pill to swallow. I won’t bother trying to rephrase the content as he says it much more ebulliently then I could manage so head on over and take

Excerpt length at 500:

There is an awesome article written by lead content designer Colin Johanson up at the Guild Wars 2 website. There is not any PvP relevance to the article but it did point out quite a few of the inherent flaws in PvE content that make it such a bitter pill to swallow. I won’t bother trying to rephrase the content as he says it much more ebulliently then I could manage so head on over and take

So you can see what I mean. It won't ever finish the article and add the last two words which should be "a look!" irregardless of the excerpt length. Not a major bug, but I don't think that's intended functionality. Might want to do some testing on how it handles posts that are < the excerpt length.

One other thing, I've set it up so that the <blockquote> tab is in the "Don't strip these tags" section so that they will show up on the main page, problem is if the expert ends in a blockquote the custom read more message will be included inside the blockquote as well. Solved that by just adding a </blockquote> to the beginning of my custom read more message but that's not a very elegant fix. Just something else to think about.

Ok, I've figured out what is happening, but do not have a fix yet.

There are two issues:

1) the excerpt stops two words before the end of the post
i.e. if you have a
post of 120 words and excerpt at 125 - you see 118 words and then [...]
post of 120 words and excerpt at 120 - you see 118 words and then [...]
post of 120 words and excerpt at 119 - you see 118 words and then [...]
post of 120 words and excerpt at 118 - you see 118 words and then [...]
post of 120 words and excerpt at 118 - you see 117 words and then [...]

2) for some reason multiple spaces stop the excerpt, so if you have a post of 120 words and excerpt at 119 - but theere are 2 or more spaces between the 39 and 40th words, you see 40 words and then [...]

Cool, thanks for looking into that.