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We used text formatted newletters back at SysOpt, mostly due to demand and compatibility concerns (in my understanding atleast). HTML newsletters may "look" nicer, but text targets a wider audience, plus requires less overhead and formatting. Scott or Joel would probably be the best to answer your questions due to their hands on experience, but I will give a go.....
Newsletters should be concise and to the point, just as with regular email messages. Also, be sure to add atleast a little entertainment value to your writings, as writing about the same topics in the same manner in the same format can get boring, really fast, for both the writer and the readers.
You need to setup a basic format outline so that readers can know what to expect each month from your newsletter. I recommend opening the newsletter with a short commentary or editirial style writing, then move into the more important aspects as the text carries on throughout the newsletter. You want people to read the entire message, so be sure to keep the text interesting as possible all the way through the newsletter.
And as with writing, just use common sense as a guide. In reality, most people think the same, even though they have different opinions on various topics.
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