That is one way to look at it Clay. Another would be to provide a secondary service to our fans to allow them an avenue other then a web browser being opened to find content that might interest them. Both theaters of thinking are not completely wrong, nor completely right. We have to find a happy medium.
Actually, your "theater of thinking" is wrong, and I'll tell you why...newsletters don't generate revenue. The whole point of newsletters is to get people to click onto the site. Thus, if you have exclusive newsletter content (which thus implies it doesn't appear on the site, otherwise it wouldn't be exclusive), then there's no benefit to OCC other than saying, "yay, we have more subscribers!"