This module creates a complete new entity: Mailing lists.
You have to know that a module like 'Views Send' in combination with a content type with an email field allows you to send personyzed mails. Why this module? Well... it has a built in subscriptions system. Visitors can leave their mailaddresses, just like for a newsletter subscription. With the Email Confirmer module you can verify the mail address.
The registration has a title field (name) and an email field. You can add fields like you want.
Set the permissions..
The People link has a new tab.
You can see the subscriptions and the status of the addresses.
For sending mails you have to make a view and use eg. Views Send.
Add the fields you want.