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jQuery SliderShock is a responsive slider plugin that can be dropped into WordPress sites. There's full documentation for regular websites and WordPress sites. The WordPress version has some additional features, like built-in support for sliders from external data sources like RSS. The plugin supports various options, including up to 31 transition effects, control over delay time and positioning, and easy styling.
Clicking Build Your Own on the SliderShock homepage displays all of the available options:
SliderShock can display text captions within slides, and comes bundled with lots of CSS3-based effects. The free version, licensed for use in personal projects, has 10 effects, and the premium version has 31 effects and 39 skins. A license for a single site costs $19, while multiple sites costs $29. There's also a developer license for $99 that allows resale. "Combo" licenses are available if you wish to buy both the WordPress and jQuery versions at once, otherwise you'll have to license them separately.
It's interesting to see how this works internally -- the plugin is concise but it takes a bit of iframe manipulation to get the desired results.
Dealing with dynamically truncating content is tricky, and there are many solutions out there. Stephan Ahlf sent in his solution, jQuery.readMore (GitHub: s-a / jQuery.readMore, License: MIT/GPL) which uses a method called $.isOverflowed to add text until there isn't room for any more.