@biba102: I found a workaround that will change it to type 2. The problem with this fix is that it makes the excerpt 2 type the default no matter what (e.g. for category, tag, and normal pages). For me, this is exactly what I want so it isn’t too big of a problem. Hopefully, they implement a better solution. Here is the code to add to your “Edit CSS” section:
.post-featured-image {
width: 33%;
float: left;
margin-right: 4.67%;
margin-bottom: 22px;
}