Which newsletter design do you like better?

I think the first one. I prefer the "extra" info outside the frame (the e-mail info and so on). However, I don't really like any of them for the simple reason that there is nothing special about them. They all have the "pre-made template" feel: your designer found some very basic templates from a site, or has a package of pre-made templates and just dropped the images and info into them. In other words, they feel as if there wasn't a ton of design work done, and there's nothing terribly exciting or interesting in any of the designs. Yes, the photos are cute, and the info is easy to read, but there's nothing very special about the designs. This is just my reaction, both personal and as a designer.

I prefer the first, as I can easily check which topics interest me. And it's pretty airy too :)