The 3.0 lite version of Eudora includes rudimentary mailing list capabilities (by utilizing its nested nicknaming feature), but they are not on the same level as Pegasus Mail (or Eudora Pro, for that matter). Eudora Light also has the ability to queue mail and poll outgoing (but not incoming) mail in the background.
The latest releases have added a number of important features including a 32-bit native version, offline capability, improved appearance (especially for initially setting up Eudora Light), a revised toolbar, basic filtering capabilities, full drag 'n' drop, MAPI support, and capabilities for launching attachments and URLs from within messages.