Which of these is easier to read?

This is how I read all of my emails initially. If something grabs me, then I will open the entire email. 1to1 Media from Peppers and Rogers went to the format on the right a few weeks ago and I love it. It’s a pretty darn good example of designing for reading in a pane.

Media Buyer Daily, on the other hand, generally has decent short headlines but not much else going for them in their HTML email design. And the headline in their subject never seems to be anywhere near the top of the email. Frustrating.