Been Beta testing Office2003 and most HTML email tends to be almost unreadable. Outlook blocks all external images by default in an attempt to correct terrible virus\privacy problems in the past. You end up with oddly placed text around large boxes of empty space.
I don't mind since most of my mail that is real lacks images anyway.
I do think it is funny that it almost forces you back to the old fashioned way (plain text) that MS poohooed waaay back when they created the evil rich text format. They deserve all blame for viruses they get in Outlook. I doubt anything has spawned as many helpdesk calls/problems as RTF, "Why can't I see/open this attachment?"