Yes, you can limit the number of posts to show in the query loop, by setting the count parameter. To show the titles of the 3 most recent posts:
[loop type="post" count="3"]
[content field="title"]
[/loop]
—
I added a date_format parameter to display post dates in a custom format. Please see the latest plugin update. Here’s an example:
[loop type="post"]
[content field="title"] - Posted on: [content field="date" date_format="d.m.Y"]
[/loop]
This will show the post dates in European style (day, month, year): 18.11.2013. If you need to display characters as they are without formatting, use double backslashes to escape them: Y/m/d \\a\\t g:i A
will show 2013/11/17 at 11:06 PM.
For more information on how to create date formats, please see the Codex: Formatting Date and Time.