This is a sample newsletter where no template is being used and so basically any and all straight HTML can be used. Some example HTML "constructs":
This is bold text and this is italicized text
What follows is a bulletized list:
And now for something even more interesting, one can also use tables to provide side-by-side layout:
|Row 1 - Column 1||Row 1 - Column 2|
|Row 2 - Column 1||Row 2 - Column 2|
And now to add an image:
And that should give you an idea of what is possible with the "No Template" option... basically, anything you want to do!