As Wooble points out, receiving email is not currently possible with
App Engine, though third-party services like
smtp2web.com exist to
facilitate this. More to the point, App Engine puts restrictions on
what email you can send using it - the 'from' field must always be the
logged in user or one of the app's administrators. This makes App
Engine a poor choice - in my opinion - for running a mailing list.
You can always create your own Google Group instead, though - it has
all the features you're likely to need in a mailing list.
-Nick Johnson