At the moment it is unpersonalized and fairly static (like most newsletters out there) but has a clean interface and occassionally includes some summaries of interesting discussions from the site. Eventually it will also offer personalization capabilities such as only showing headlines from the communities you are subscribed to, lists of discussions you are involved in, last 5 articles you viewed, and even notices if someone replied to a post you made that you haven't answered yet.
We have started sending our newsletter out last week on the 28th and the next one goes out tomorrow the 5th. If you are signed up and havn't received it, email bugs at infoq.com. If you are not signed up, please register to InfoQ using the 'register' link on the left side of the homepage.
thanks,
InfoQ Team