Should Writers Have Newsletters?

I've been contemplating starting up a newsletter for quite some time.  It seems like all the cool kids are doing it.  Practically every post about author platforms encourages authors to start their newsletter ASAP.  For example, this recent post by Christina Katz for Writer's Digest, "Elements of a Successful Fiction Platform," has a whole section on the benefits of having an email list including offering special perks for subscribers.  And Joel Friedlander, in his guest post "Levels of Engagement, or Why Authors Need an Email List" on the Savvy Book Marketer blog, describes that subscribing to a newsletter is one of the highest points of commitment that a reader can show for a blog or website – a sort of "inner circle," if you will.

I read arguments like this frequently and I find myself nodding my head a lot.  At one point I created an account with MailChimp and set up an email list.  I had a link to the list before my blog imploded and a few people signed up.  I have a carefully disguised tab on my fan page that allows readers to sign up for my yet-to-be-launched newsletter.  I have not been aggressive in getting people to sign up because I continue to have cold feet about the whole concept.

So, I'm going to lay out a few of the pros and cons as I see them and maybe you can help me decide what to do.

Advantages of having a newsletter:

- Being able to offer special insider information or deals to a select group of readers who have "opted in" for this special privilege.

- An email list provides an insurance policy against the shutdown of social media outlets.  I worry, for example, what would happen if one day Twitter or Facebook were to shut down.  They are key components of my online presence.

- An agent or a publisher down the road may look at the number of newsletter subscribers as a key component of an author platform.

Disadvantages of having a newsletter:

- Making non-subscribers feel guilty or left out for not subscribing.  Some people may like your content but may not want to fill up their overflowing inbox any further.

- It makes additional work for a writer – work that has questionable added value and may take away from the time that a writer can spend writing.

I have, in fact, come across very few newsletters, even from writers or websites that I really enjoy, that are worth subscribing to.  Most newsletters are rehashed info that's already available from the website.  There are a few exceptions but it's hard to make time even for the good ones, since I'm already keeping up with these writers on Twitter, Facebook and their websites.  The worst newsletters are the ones that send a huge, unfiltered pile of information to my inbox and somehow expect me to sift through it.  The best newsletters are typically from experts in some field and provide a little nugget of insight or information that's not generally available on their website.

So, I'd love to hear your thoughts.  How do you feel about newsletters, both as a reader and a writer?  Where do you stand on the pros and cons I outlined above?  And, finally, if I were to have a newsletter, what should I include?

Thanks!