Besides using the bcc feature (which I wish everyone would for multiple mailings!), I also create a bogus addy to add to my address book, to put in the 'to' box, so it doesn't look so generic with 'undisclosed recipients'. I create an addy:
Friends@my.list, and designate the display as 'Friends'. Then, it shows up as to:
Friends in everyone's mailbox, but no one's address shows to anyone else.
Clear as mud?