I wrote a custom email backend which logs the stuff to a model.
Here's my backend:
from django.core.mail.backends.smtp import *
from django.db import transaction
from modules.common.models import *
class LoggingEmailBackend(EmailBackend):
    """
    A wrapper around the SMTP backend that logs all emails to the DB.
    """
    def send_messages(self, email_messages):
    """
    A helper method that does the actual logging
    """
    with transaction.commit_on_success():
        for email_message in email_messages:
            email_record = Email.objects.create(
                to='; '.join(email_message.recipients()),
                subject=email_message.subject, body=email_message.body,
            )
            try:
                return super(LoggingEmailBackend, self)._send(
                    email_message
                )
            except:
                email_record.ok = False
                return False
            finally:
                email_record.ok = True
                return True
Here's the model:
class Email(models.Model):
    """
    Model to store all the outgoing emails.
    """
    when = models.DateTimeField(
        null=False, auto_now_add=True
    )
    to = models.EmailField(
        null=False, blank=False,
    )
    subject = models.CharField(
         null=False, max_length=128,
    )
    body = models.TextField(
        null=False, max_length=1024,
    )
    ok = models.BooleanField(
        null=False, default=True,
    )
Here's my model:
from django.contrib import admin
from modules.common.models import *
class EmailAdmin(admin.ModelAdmin):
    """
    Admin part for managing the the Email model
    """
    list_display = ['to', 'subject', 'ok',]
    list_filter = ['ok']
    readonly_fields = ['when', 'to', 'subject', 'body', 'ok']
    search_fields = ['subject', 'body', 'to']
    def has_delete_permission(self, request, obj=None):
        return False
    def has_add_permission(self, request):
        return False
admin.site.register(Email, EmailAdmin)