The weekly updates are just a digest of stuff than you’ve missed since your last visit
The mailing list feature lets you use MetaRuby like a traditional mailing list - where you subscribe to a mailing list (like, say the Ruby mailing list) and every time someone posts something on the mailing list you get sent it by email, and you can reply by email and it is sent to everyone else on the mailing list.
It’s basically what people used before forums - but are still handy because email is still the best ‘notification’ for desktop machines