You don't state whether or not
SEO or treatment of the search engines to your blog is important to you, however you can look at our present host as a great example.
Webproworld has a great website, but I would believe many of us, enter into from the newsletter they send to us daily. I wait around for the e-mail to come. I could just as easily pick up all the content by logging on and going right to their site.....but I don't do that very often because I am usually pretty busy. However when the WPW email comes...I take a breather from all the web work and the crush of business, sip a soda and check into the dealings of the world of Web professionals.
From a pure marketing stand point , sending a news letter is a great way to bring people into your blog.
From an
SEO standpoint it's a great way to get all your non-sequitor information out to your group.
But I would make a webpage (or a blog post) for each newsletter anyway, because it's all content.