Two of the most recommended List scripts are -
DadaMail and
PHPList .
But I had small problems with both...
DadaMail - I could not ever get installed on my server [ Perl Scares Me too Much

]. But I have heard realy-really good things about it. Try it and see if you can get it installed...
PHPList - Excellent Piece of Work... But whenever a new release is there , it is usually followed by 3-4 more releases. If you can keep up with that , then its perhaps even better than the commercial scripts available.
As far as Mailman is concerned - its what SlashDot and RedHat use to manage its own list [ so you know that its reliable ] . But , Its written in Python [ IMO ] . Its more of an email discussion list but can be hidden in one way or other to behave as an announcement list. I have the documentation but never actually needed to start a list. If you want I can pass em over to you.