[eluser]xwero[/eluser]
oops, sorry it's still a bit sleepdrunk.
the $findme string isn't needed anymore. The regular expression will check if the <|more|> string is in the $content string and if it's followed by more text. This has one advantage over all the other solutions and that is if the <|more|> string is at the end of a string it will be visible if the people who add the string see it they know they did something wrong.
if the string is a word like and, the word should start and end with a space otherwise it could be possible the $content string is broken when there is a word like hand in it.
Code:
$content = preg_replace('/ and .+/','',$content);