Personally I would recommend a service such as campaign monitor or mailchimp (google them I don't want to advertise links) rather than trying to mackel together a mailing system of your own. Even with dedicated servers at your disposal the setup is less than ideal.
You run the risk of getting the server/domain blacklisted for spam etc... with proper implemented solutions you can track emails/clicks opens and unsubscribes. Sendmail is less than ideal for sending emails especially in the world of today most email clients/providers flag these emails as spam as they come from the wrong place with the wrong headers etc...
Other things to take into account when sending the emails is provide an easy way for a user to unsubscribe, include the companies postal address at the bottom, provide both real text and html versions and an option to view the email online.
Using a service like the ones i mentioned allows you to track the success of each email campaign and even what parts of the email drove traffic to your site.
I avoid sending emails through web servers at all costs now. When I need to send an email off a website I use the phpmailer class and connect to the domains mail servers to ensure everything goes though the right channels.