Although maybe not exactly what you're looking for, we use Mail Chimp at work to manage our lists. We have 20,000+ subscribers and we send to them a couple times a month. We use a little bit of the template features, but mainly it is a list management thing for me. It handles the subscriptions, removals, bounces, etc.
I used to have my own SMTP server set up (Mercury - damn that's a while ago), but our IP was getting blacklisted (even though everyone was an opt-in subscriber). Couldn't be bothered so now we just pay Mail Chimp to take care of it.
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