Its appearance doesn't change as much as it might because it uses nested tables for layout (a Nineties-era practice) and deprecated properties like bgcolor but even without those choices it could still be usable.
[0] I'm talking mid-late nineties here. I don't know, off the top of my head, what level of CSS support or style-in-html support there was, I'm just talking about very hazy memories of what they looked like.
As I was building it, I'd constantly check it with CSS off in order to make sure it had a reasonable flow for folks using screen readers.
www.ft.io if you're interested.
If you get a commercial email and the content has graphic borders around the content, check the source and you'll probably see a table. Also emails with text content in columns.