You can use the following HTML tags to format your message.
b, i, u, big, small, font, sub, sup, cite, code, h1, h2, h3, h4, h5, h6, em, s, strike, strong, tt, center, blockquote, ol, ul, dl.You can use <a href="..."></a> to create links, or if you just mention the URL (starting with "http://") in your message, a link will automatically be created.
hr, li, dt, dd
Note: for the moment, any HTML tags you include in your message will be included in the email that gets sent to subscribers. An improvement on that will be coming soon.
For a quick guide to HTML tags, try The Bare Bones Guide to HTML.