The stupid spammer uses a personalization email template even though he or she doesn't have the names of the victims (people) who will be getting their mail.

The most recent (as of this post) that I've seen comes from someone who calls himself a business coach, and talks about being a subscriber (but doesn't say to what). It starts off like this:

"Dear ,

As we head into the holiday weekend I've been thinking about you (or maybe you're getting this upon returning to the office). Either way, I wanted you to know that I've been thinking about you. "

Maybe what the self-proclaimed coach should be thinking about is hiring a coach to teach him how to use personalization - and how to write a decent email sales letter.