Sendblaster Free Edition
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Full user review
"Excellent for serious email marketing"
It comes with a very good opens/clicks tracking system, which is also free; I'm not aware of any other desktop tool offering anything close to this. The software has many more pluses, but the click monitoring system alone deserves the maximum rating - a must have for serious campaigns (needed for segmentation, A/B testing etc).
Templates could be better (it has many but most of them share similar layouts). Not many plugins as one would expect.
As a web marketing specialist I would totally recommend this product; it stands out of the crowd in terms of features and usability.