I have used Eudora for years as my email app, mainly because I was worried about virusses with Outlook and didn’t want to succumb to MS. The last few weeks it started crashing on my machine, so now I’m moving to Outlook after all. It also means I can finally try out SixDegrees. Oh wait, darn, my trial installation expired and I never even used it (because I was using Eudora – SixDegrees doesn’t support Eudora yet). What now?
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Peter Van Dijck 
Have you considered The Bat! ? I haven’t used it myself but I have a friend who swears by it and it does look pretty good – think Eudora with threading. I don’t know how stable it is but it might be worth a look before you consign your email to the mercy of Gates :)
I’ve been using Pegasus for about 8 years. Fabulous program, and free for personal use:
http://www.pmail.com/