Note: on New, Featured and All Listing there is not a switch for this ... how did I miss that?! 
This is hard coded at the moment, for example the Featured Listing:
tpl_modules_products_featured_listing.php
Has the code at approximately line 113:
PHP Code:
$display_products_description = stripslashes(zen_trunc_string($disp_text, 150, '<a href="' . zen_href_link(zen_get_info_page($featured_products->fields['products_id']), 'cPath=' . zen_get_generated_category_path_rev($featured_products->fields['master_categories_id']) . '&products_id=' . $featured_products->fields['products_id']) . '"> ' . MORE_INFO_TEXT . '</a>'));
The 150 sets the length ...
This should be fixed in one of the upcoming releases to allow you to set the length yourself ...
If one were to assume that the code would change so that the setting in Featured Listing where it reads:
Display Product Description
Do you want to display the Product Description - First 150 characters?
Would change from 0 or 1 to mean on or off and get 150 characters to be how many where 0 is OFF and any value is the number of characters ... this would be the change made ...
Cannot believe I goobered up a setting like that ...