Hi
Looking for an email marketing system which allows you to send newsletter etc which we can resell to our customers and also be white labelled or brandable with a low setup cost.
Any suggestions?

We use http://mailbuild.com/
Reasonable price, brandable, only pay for what you use (no setup fees that I remember).

Any others

I would highly suggest Interspire email marketer as theirs is private label.

I personally use AWeber frequently.
You receive an affiliate code that you can use to make money.
http://aweber.com/