I don’t think Linguist List are doing a terribly good job. Their digest format is hard to split, and I don’t think they’re great at filtering away irrelevant information. Sure, I agree that a moderated mailing list is necessary, but I think their set-up is wrong if that takes 18 student editors. They try to defend it with all the great stuff they’re doing on their website, but I find it confusing and old-fashioned, and I’d personally be happy to have only the mailing-list and a archive searchable with Google.
If it’s really necessary to have a lot of student editors, I think the grants should be available world-wide; I’m sure a mailing list can just as easily be moderated in Denmark, Brazil or China as in the US.
I’m increasingly of the opinion that it’s all a ploy to let people across the world finance students at Eastern Michigan University.