Here's one way I used the newsletter format. I made my own Daily Prophet issues featuring my son and embellishing on the 'articles' while channeling Harry Potter. I first intended to make twelve different ones, to cover milestones and stories for each month of his life, but my superpowers couldn't hack it. Still, those who have seen the paper all found it 'cool' and 'inspired'.
Thinking of a unique Save-The-Date? Make one in newsletter format! It's also a great way to recap/summarize the highlights of your year and can easily be distributed via e-mail (saved in .pdf format, of course) to friends and family.