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If you send an email marketing campaign with HTML formatting, you have the opportunity to grab your reader's attention by applying formatting to your copy. To emphasize important points you should use to bold face. Italics in printed text doesn't work as well on a computer screen, and underlined text is also hard to read. Besides which, underlined text is usually how links are represented. You don't want to confuse your readers.
Important pieces of information should always be found near the top of every email newsletter. The less important items, such as instructions for how to unsubscribe, long introductory copy, and disclaimers should be moved down the page. You don't have to move it all the way down to the bottom, but it should be out of the typical email preview pane. The preview pane should be filled with the unique selling point of your campaign, with your most intriguing benefit or your best offer.
If your newsletter is sent infrequently (less often than at least once per month), not only do you risk subscribers forgetting about you and turning to the competition, it also stands a big chance of being perceived at spam. Don't risk this loss of customer base. Be sure to send your newsletter at least once a month, preferably at the same time of the month.
The place a newsletter or email marketing campaign a link appears at can be crucial for click-through. Consequently, which link goes where can be crucial for the success (if measured in click-through rates) of any email marketing effort. Try to vary the position of your links to test which placements are most effective.