I understand that the multiple lines option on a list column allows you
to specify how many lines/rows to show when you edit a list item.

But, SP doesn't allow you to specify how many characters to display on
the list view itself.

So, if a list item has say 100 characters in a multiple line column, it
will display ALL 100 characters.

What I'd like to see in a list item with many characters in a multiple
line column is:

Text Text Text Text ...

When you click to view the details of the item, it will show you the
rest of the text.