Method of sending & deliverability?

I'm a little confused about one aspect of this module: in the read me, it refers to putting all the recipients' addresses in the BCC field, making it sound like the module just sends out a single e-mail message, which is BCC'ed to as many users as your site has. But some of the issues posted here sound more like it sends out multiple messages -- like the concerns expressed about choking the server if you're mailing a large number of users, and some of the references to customization using the token module.

Which is it? Does it send a separate message to each user, or one big message to all of them? If the latter, I'd be seriously worried about deliverability, as there are few more reliable ways of triggering any spam filter the message encounters than packing a ton of addresses into the BCC field -- that's how most spam is sent, so even a legitimate message using that technique is likely to be blocked by most spam filters.

Also, does the module, once installed, have any sort of settings page? I looked, after installing it, but couldn't find one, though it might be just because it's late at night and I'm tired. :-) In particularly, I'm really hoping it will allow me to customize the message that appears by the opt-out box, because the default message would make it illegal to use in Canada. (The reference to admins being able to remove the ability to opt out after users have signed up -- you can't legally do that here. You have to tell someone when they give you any form of personal information what you are and aren't going to do with it, and you cannot change those terms after the fact.)