It may be blacklisted if one server will receive a lot of e-mails from the same source within a short period of time. This has nothing to do with the software you are using but which mail server you will use to send so many e-mails.
The Campaign Manager has settings where you configure your SMTP server, login etc. This is a separate setting from the general SMTP mail server setting in EPESI used to send password recovery, new account registration etc. via e-mail.
The mail server used to send mass e-mails needs to be configured according to certain standards: PTR record (reverse IP) must exist, SPF record, DKIM etc.
You need to prove that you are a legitimate source, otherwise you will be blacklisted.
Here is a post dealing with this issue: http://stackoverflow.com/questions/1316 ... marked-spa
Please note that some vendors limit the number of e-mails to be sent: https://support.google.com/a/answer/166852?hl=en - for Google Apps it is 2000 messages per day.
As far as Campaign Manager is concerned - it can send to unlimited number of users (in theory). The size of the list is limited only by your database size. The speed at which you can send e-mails will depend on your mail server.