On the other hand, I've written many press releases over the years and had a hand in distributing them. So I think I can offer a unique point of view on the use of e-mail press releases as a publicity tool.
Most publications still prefer to receive press releases by postal mail.
So don't ignore this method of getting your news out, unless you are primarily interested in reaching online journalists. Several news services are available for sending out your press release by e-mail. However, the most valuable media list is the one you build yourself for your own use. Build your media list one address at a time. Send a brief message introducing yourself.