I believe the default system uses PHP to send emails and I don't fully understand how it works but it doesn't actually use that email address to send the message, it just states that the message is from that address.
You can set it up to use SMTP if you want though in which case you would need...
1.2 Just keeps getting better and better.
Not too bothered either way about the member list, I never pay too much attention to it but it is handy on the odd occasion.
Whether people find it a relevant feature or not I think they have every right to comment on it here.