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Much depends on the email you're sending out and your outbound connection (not to mention your DNS's ability to resolve domains but that's a minor point).
Especially if you're sending out HTML based emails, on average they can be 10-30k per email if not more.....if you're sending out 5,000 of those that's 5-15MB of data that you're sending. I've seen people send out 100k HTML emails and wonder why it took nearly a day to send to just a few thousand people (they were on 56k dialup) =)
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