A listserv for Annual Giving professionals has been discussing the pros and cons of using email appends. The risks include being labeled a spammer, which can lead to bad relationships with constituents and could result in ISPs blocking email from your domain. The rewards include the ability to (re)connect with constituents who neglected to give you their (new) email address (similar to the post office's update services), saving money by using electronic mail instead of paper mail, and the ability to find your supporters' email addresses quickly and relatively inexpensively.

Here are a few perspectives on this issue. The last is from 2004, but it's still worth reading:

Catherine Algeri: E-mail Appends: The Good, the Bad and the Realistic

Michael Gilbert: Do Your Stakeholders Think You're a Spammer?

Rick Crist: E-mail Appending: A more cautious approach

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