Your poll is not clear.
Is it a campaign email?
Is it in response to an action by the contact?
Personalisation wins for an individual email where the recipient is expecting an email of some sort. For instance after a sign up.
For campaign emails where it is obvious that is newsletter sent to thousands of people personalisation can help but nobody receiving it believes it has bee written specially for them. In this case the Subject is mort important. To get that email opened is the key and then its the Call to Action.