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How long should an e-newsletter be? It depends on what your purpose is.
If your purpose is to use a newsletter to grab the reader's attention and then have them click through to your site for additional information, then shorter is probably better. Keep in mind, however, that there are a vast number of marketers doing just this, so your newsletter may soon be perceived as just one more piece of email clutter.
If your purpose is to build a loyal and growing base of readers, go for something a little longer. Put the value within the newsletter itself. Longer newsletters that contain useful information and are well written often build a large and loyal readership. If you have one of those newsletters, congratulations. And, if you plan on writing a newsletter like this, good for you but be patient, it takes time.