There’s a new update for Tiny Theme that adds one of the most requested features. There’s now a separate plugin available that will enable summary/truncated posts on your home page instead of full posts. This is only triggered when your post has a title (meaning it will never summarize microposts).
Update 1.1.0: A new update to this plugin has been pushed out that allows customization of the default “Read More” text. Change it to “Continue Reading” or to another language entirely. It should also work with symbols like → and ↓.