WP-Members 2.8.5 has been released and includes some code improvements/updates.
Read the full release announcement at rocketgeek.com (now the official site for the plugin).
The WP-Members 2.8.0 upgrade initially went out with a bug in the new auto excerpt feature that causes the default (more…) link to be displayed on content that is not using the auto excerpt.
While this has been corrected in the repository, the initial downloads were effected. If you upgraded early, you can re-download to get the patched version, or you can apply a very simple fix discussed here.