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It addresses the emails as "Firstname Lastname", and sends them individually, so they don't get tagged as junk.
Follow basic guidelines and start experimenting with places like hotmail / yahoo / gmail and a couple of popular ISPs and you'll quickly figure out what is working.
Remember to keep a test mailing list on whatever program you use and send every mail to the test list first, incase spam filters have changed or your content has changed -- causing it to be trapped as spam.
So if I create an email in Outlook and attach 400 addresses to the BCC line, it'll have the same result as if I send that same email using a program like GroupMail?
If so, we had over 20k in sales on tuesday from 'stupid' customers..
I have no affiliations with CM except as a current happy customer.
Knowing this, if I were writing a spam filter I'd be more likely to trust those applications that are well-known and cost a few bucks. But not without a scan of their headers and content for sure. ;)
That being said, my suggestion would be to investigate SendStudio or ConstantContact