I am noticing a couple of strange things related to emails.
1. If I have new members subscribe only to one mailing list upon registration, no problem, but if I try two lists the admin confirmation email looks like:
A user/visitor has just subscribed to: .
with neither of the lists actually being displayed.
2. More confusing are the WordPress system emails. I have your plugin configured to send WP system emails using a template, which normally works just great, including the new WP user registration-related emails, password change emails, etc., IF the user doesn't subscribe to a mailinglist during registration. If he/she does, then the WP system emails are sent as plain text (with newlines removed).
Perhaps this issue is related to plugins on my end (WP-Members, Theme My Login and Login with AJAX), and I need to investigate that further, but it would be great if you could check your end to see as well.