My client is looking to integrate Microsoft Exact Target (ET) with SharePoint 2010 (SP10) for Email marketing. In doing so the client wants to benefit from the feature at disposal from ET and make it to work cohesively with SP10.
Like pick up user profile information and manage email list in ET for email marketing.

Also would like to know if ET allows migration of emailing list existing in SQL DB to its system.

  Since I first posted this question I have made good progress in understanding the features provided by ET. 
  To answer my own question, Yes ET provides very elaborate API which can be used for integration of their services with existing application. 
  What I find most useful in my case though was the WCF service that has been made available to consume the functionalities for integration. 

ref. http://docs.code.exacttarget.com/020_Web_Service_Guide/Developer_Community_Integration_Scenario

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