Don't think you meant cheap and tawdry

But certainly not as jazzy modern as for instance "Pages" templates.
Depending on how much work you are going to do you it's possible you'll be needing something like Adobe InDesign to do layout work. Alternative is the open source program Scribus (you need X11 installed off system disks with it)
http://www.scribus.net/
Have you tried using Apple's iWork - Pages? Pages gives a very smooth finish I have to say to the graphics. The newsletter templates are excellent and can be easily changed to suit your own purposes. There's a iWork Community group at
http://www.iworkcommunity.com with a few templates up there for various tasks.
Must admit laying out in Word is not easy but working in Tables for layout works for me.
Jude