I've successfully used cleverreach, which is a german company, because a client asked me to. It worked really well, importing addresses from CVS, personalizing, campaign monitoring, click rates, etc:

http://www.cleverreach.de/frontend/index.php?flang=en

For preparation I handcoded an html-table layout with some css which I later turned to inline css using http://premailer.dialect.ca/ because other css gets stripped out by gmail and other web mail clients.