Data base structure of a subscriber list

It always pains me to suggest it but theres a reasonable case for making use of an XML column here.

Create appropriate tables to handle commonly used fields i.e. name, address, email, age, gender etc. I'd be tempted to store the custom fieldsets as an XML column. Once the number of subscribers they are emailing reaches a level where performance may become a problem, trigger a notification to the DBA so they can review the custom fieldsets created by your users and see if there is justification for moving them out of XML columns to defined sub-type tables.

Obviously you end up with two code paths for handling XML and sub-type definitions but you retain flexibility while having a process for dealing with the potential performance implications.

If SQL2008 was an option, I'd consider making use of sparse columns for the custom fields (generic definitions, along the lines you mentioned) and combine with filtered indexes for the larger customers.

I personally would use a model similar to the following:

The product table would be pretty basic, your main product details:

create table product
(
  part_number int, (PK)
  name varchar(10),
  price int
);
insert into product values
(1, 'product1', 50),
(2, 'product2', 95.99);

Second the attribute table to store the each of the different attributes.

create table attribute
(
  attributeid int, (PK)
  attribute_name varchar(10),
  attribute_value varchar(50)
);
insert into attribute values
(1, 'color', 'red'),
(2, 'color', 'blue'),
(3, 'material', 'chrome'),
(4, 'material', 'plastic'),
(5, 'color', 'yellow'),
(6, 'size', 'x-large');

Finally create the product_attribute table as the JOIN table between each product and its attributes associated with it.

create table product_attribute
(
  part_number int, (FK)
  attributeid int  (FK) 
);
insert into product_attribute values
(1,  1),
(1,  3),
(2,  6),
(2,  2),
(2,  6);

Depending on how you want to use the data you are looking at two joins:

select *
from product p
left join product_attribute t
  on p.part_number = t.part_number
left join attribute a
  on t.attributeid = a.attributeid;

See SQL Fiddle with Demo. This returns data in the format:

PART_NUMBER | NAME       | PRICE | ATTRIBUTEID | ATTRIBUTE_NAME | ATTRIBUTE_VALUE
___________________________________________________________________________
1           | product1   | 50    | 1           | color          | red
1           | product1   | 50    | 3           | material       | chrome
2           | product2   | 96    | 6           | size           | x-large
2           | product2   | 96    | 2           | color          | blue
2           | product2   | 96    | 6           | size           | x-large

But if you want to return the data in a PIVOT format where you have one row with all of the attributes as columns, you can use CASE statements with an aggregate:

SELECT p.part_number,
  p.name,
  p.price,
  MAX(IF(a.ATTRIBUTE_NAME = 'color', a.ATTRIBUTE_VALUE, null)) as color,
  MAX(IF(a.ATTRIBUTE_NAME = 'material', a.ATTRIBUTE_VALUE, null)) as material,
  MAX(IF(a.ATTRIBUTE_NAME = 'size', a.ATTRIBUTE_VALUE, null)) as size
from product p
left join product_attribute t
  on p.part_number = t.part_number
left join attribute a
  on t.attributeid = a.attributeid
group by p.part_number, p.name, p.price;

See SQL Fiddle with Demo. Data is returned in the format:

PART_NUMBER | NAME       | PRICE | COLOR | MATERIAL | SIZE
_________________________________________________________________
1           | product1   | 50    | red   | chrome   | null
2           | product2   | 96    | blue  | null     | x-large

As you case see the data might be in a better format for you, but if you have an unknown number of attributes, it will easily become untenable due to hard-coding attribute names, so in MySQL you can use prepared statements to create dynamic pivots. Your code would be as follows (See SQL Fiddle With Demo):

SET @sql = NULL;
SELECT
  GROUP_CONCAT(DISTINCT
    CONCAT(
      'MAX(IF(a.attribute_name = ''',
      attribute_name,
      ''', a.attribute_value, NULL)) AS ',
      attribute_name
    )
  ) INTO @sql
FROM attribute;

SET @sql = CONCAT('SELECT p.part_number
                    , p.name
                    , ', @sql, ' 
                   from product p
                   left join product_attribute t
                     on p.part_number = t.part_number
                   left join attribute a
                     on t.attributeid = a.attributeid
                   GROUP BY p.part_number
                    , p.name');

PREPARE stmt FROM @sql;
EXECUTE stmt;
DEALLOCATE PREPARE stmt;

This generates the same result as the second version with no need to hard-code anything. While there are many ways to model this I think this database design is the most flexible.