- more-link is bad for SEO. Nobody will search your site with the word "more". "rel=nofollow" will not solve it too
- more-link is bad for usability. More-link does not explain what will happen if user will click on it. There is already link on title and more-link is an extra not needed element on page. If user cannot understand that the title is the link, than there is a problem in css-styles and not in html-template
- more-link haves no context. Users, search engines, screen readers or printed pages cannot tell nothing about the destination from word "more"
- more-link increase the size of the page. The page with read-more links will load a little bit slower. And also page will be crawled by search engines a little bit slower too.
Check out how stackoverflow works without more-link.
I understand why anchor text word "more" is useless for SEO, but it makes sense to humans in the context and position beneath truncated content. If you want to resolve this conflict, why not simply mark the link as "nofollow"? Assume the heading retains the same semantic version of the link for SEO.
Is anything missing for you on this page? http://stackoverflow.com/questions/tagged/wordpress