If the newsletter is entirely to inform the recipients, period, then you may as well send them the whole enchilada. If the email is in html form you can leave the graphics on the server and just link to them in the emailed document so the recipients don't have to actually download the graphics (it really amounts to the same thing, but you know what I mean).

However, often something like that is a carrot to lure the people back to your website to interact, stay involved, etc. If that's your intent then craft the email so that it gives them enough of each article that they get the 'headlines' with links to details or more on this story. Then you've got something that's a lot more exciting than 'here's the newsletter link' and short enough that people will actually look at it instead of thinking 'oh I'll come back to this' and forgetting about it. I know it works with me :)