The newsletter is sent out in HTML format - it sounds like either Hotmail doesn't aupport HTML email (but I've been told it does), or you have an option somewhere in Hotmail to not show HTML email?
Does the HTML page appear as an attachment maybe? Some e-mail services can display it as an attachment instead of in the mail itself. Or maybe there's a HTML error which caused the page to not display.. Did the other people subscribed recieve it ok? I've just added myself to it, so next time you send one out, I can see from my end.