The web interface offers both methods. When using a password, it is able to tell you whether you are on the list or not and to allow you to change your subscription options or e-mail address on the fly. Everything happens synchronously and without surprise. When using the screen that does not require a password, the interface cannot even tell you if the address you typed is subscribed, and there is no way to change your subscription options (because they cannot be queried). You just get a box in which you can type an e-mail address, then you click on "Join" or "Leave" and it sends you e-mail. Eric