I've run A/B tests on this and seen meaningful higher conversion rates.
To answer your questions from my experience (dealing with a non-tech audience):
> (1) How many of these users just mark all of the newsletters as spam?
The deliverability and negative feedback for users who come in through the popover is not statistically different from users who sign up in other positions (bottom of the page, for example).
> (2) How many users don't realize that they can dismiss the dialog, and enter their email because they think that they are forced to?
We did some basic user testing and the vast majority of people had no difficulty with finding the close dialog. If this were the reason, I think it would be born out in (5).
> (3) Are you only making this distinction in the smallest way possible so that you don't run afowl of anti-spam laws?
IANAL, but I don't think there's actually any law preventing an email wall. We even tested one at some point but it did have a meaningful effect on bounce rate, and it did tend to get more undeliverable emails than the dismissable version.
> (4) Did the A/B test include a "No thanks, I want to read the article instead" instead of just a "No thanks" button? How much does that affect the number of sign-ups?
Why would a business do this? What business goal would including the additional copy fulfill?
> (5) How many of those users will actually open their newsletters vs. getting lost in the clutter of other newsletters that they automatically sign-up for?
In my experience, ~20% open the emails and then 40-50% click a link within the email. These rates were not statistically different for people who subscribed through popovers vs. less intrusive forms.
That being said, I still personally dislike popovers and never subscribe through them.