Very good because it does what one wants and because of it's ability to show the HTML content (images, links, ...).
Some details could be bettered:
1) uninitialized variable brings out warning on the site -- to avoid the message add following statement at the beginning of the module com_newsboxes.php
"$page = '';"
2) explanation is too concise in my opinion --
The meaning of the parameters is not always clear.
For this aspect have a look at the Minifrontpage module.
3) you can't limitate the amount of lines to be shown for an item if it's HTML format

That's pretty near to what we would need!

Following functionalities would make it even better to our point of view:
* if there are links and images in the content, display these links and images as well in the module
* give the possibility to decide how to separate the text and the "+ whole story" link. If one decides to put titles only allow the link to follow the title directly without new line
* alternatively give the possibility to link directly from the title to the main content without displaying the "+ whole story" link.
* give the possibility to decide how to separate the different news vertically (space line, bar, ...)

This functionality is easy to use and works quite fine (apart from some misterious notices).
One little drawback though: it does not work with RG_EMULATION=Off which is recommended by Joomla for security reasons.