I see what you mean. What works for me is setting the multipleSeparator property to computed javascript
(!document1.isEditable()) ? "<br />" : ""
As I'm sure you'll realise, Dave, this will separate values with a new line in read mode and should mean there is no multiple value separator in edit mode.
The caveat is that I've not tried that in an actual app, so it may or moy not have knock-on implications. Any better alternative is welcome.