Is there any documentation about the newsletter functionality that is built into DNN?

Specifically: Is any record kept of newsletters that are sent? Are there any merge fields available that will get replaced by customised user data? Is there anyway to modify the template used to send the email?

Thanks,

You didn't necessarily ask for this ...but Advanced Email & News Manager v2.6 does what you are asking for.

Advanced email and new manager seems to be a pretty robust app. tons of features, etc. However, the licensing is a bit pricey for my situation. 20 domains for $483.  

My situation is that I'll have 1 host site, with many children. Potentially 60+ at any given time (these sites have a short life span, less than 4 months) 

Are there any newsletter products out there that handle the following:

bounce back reporting
archive of newsletters
can-spam items (opt in/out)

also, it would be ideal if the users of the child sites could opt in for newsletters from the child site, and then a separate opt in for newsletters from the parent site. one or the other, or both.

it appears that i could use a combination of a couple modules found on snowcovered, but i would like to see if anyone else has found a good solution for a situation like this.