Movable Type two paragraph excerpt with php

gistfile1.aw

<?php
$body = <<<EOT
<$mt:EntryBody encode_php="here"$>
EOT;
preg_match_all('#<p>(.+?)</p>#is', $body, $matches);
switch(count($matches[0])) {
  case 0: break;
  case 1: echo $matches[0][0]; break;
  case 2: echo $matches[0][0].$matches[0][1]; break;
  default: echo $matches[0][0]."<p>".$matches[1][1].' <a href="<mt:EntryPermalink>" class="actionlink">Read more &raquo;</a>'; break;
}
?>