Since it is kind of a split decision I would say make a 3rd one that addresses the issues.
For me I like the 1st one due to having the promo code by itself. Since the code has to be entered during checkout it makes it easier to copy/paste and to read.
I do not like the 1st one when it has this kind of format: After $85.00 Instant Savings and $5.00 Promo Code Discount. I would rather have a clearer view of the promo code discount amount.
I like the 2nd one since it has the promo code discount amount right next to the promo code.
I also noticed you guys removed the $X Instant Savings text and the word Discount from the 2nd format. I do not know if it is a good or bad idea, but that is up to Newegg's marketing team to decide. It does save space, but I think some people do like to see instant discount. Maybe it makes them "feel" like they are saving more money.
To me the Shop Now button is useless since I would never click shop through an email unless it was absolutely neccessary.
As for the placement of the * Price after rebates and promotional discounts. I would use the 1st format by placing that text above the "Stay tuned for a special 24-hour..." banner.
Perhaps you guys can retain the promo code box with the promo code inside as seen in the 1st format, but instead of just saying promo code say $X promo code (then inside the box) XXXXXXXX.