I don’t think this is currently available and in my case the last thing I want is to increase my email load. Therefore if this is introduced I want to have an “opt-out” option as well, as I prefer to manage my blogs from the dashboard and not by email.
I hear what your saying about getting too many emails. I guess the reason we were interested in having this as an option is because its easy for our administrators to get wrapped up in other projects and we thought it might be nice to have a reminder that we need to check for pending posts throughout the week. Since we are new to the whole blog thing this may become more of a part of our daily routine and not such an issue in the future. I still think it would be a nice option to have email notifications that you could turn on or off.