The "Long text and summary" field has a pretty handy formatter called "Summary or trimmed". This will display a summary, if one is supplied, or Drupal will simply trim the text and display it.
Within the Lift ecosystem, "contexts" can be thought of as pre-defined functionality that makes data available to the personalization tools, when that data exists in the current state (of the site/user/environment/whatever else).
Drupal's Form API has everything that we love about the Drupal framework. It's powerful, flexible, and easily extendable with our custom modules and themes. But lets face it; it's boooorrrrriinnnnggg.