Hello,
This is rather a general query, since the e-mail rendering in various e-mail clients is very tricky in terms of correct and consistent look and feel. The thing is that each e-mail client is different and you need to use multiple workarounds and hacks. Kentico
CMS gives you, however, a possibility to create a newsletter using numerous ways. I mean, you can create an HTML newsletter where you can choose whether the images will be included as attachments or you can refer them directly using live site URL; of course you can use CSS styling in there. On the other hand, you can create a completely image based newsletter (you need to create those images on your own) where the colors and all elements will have obviously the same position all across the e-mail clients. Moreover, as you mentioned, you can create a dynamic newsletter.
There are plenty articles dealing with the e-mail (newsletter) sending using some hacks on the Internet. I would recommend you to search for it using Google or Bing. Or maybe someone can share here his personal experience. We'll see :-)
Best regards
Ondrej Vasil