Had an interesting issue when installing Drupal 7 the other day. I could not find the “teaser length” feature that was present in Drupal 6. This appears to be expected behaviour, however I could not see the “Manage Display” and “Manage Fields” options in the Content Types settings.
If you selected the “minimal” profile during install, the “Field UI” module will not be enabled. Turn this on and the “Manage Display” along with “Manage Fields” become visible and you can follow your nose from there.