The thing is, these reports MUST NOT go to "everybody". If they do, that is actually *worse* than nothing, because people will just ignore them entirely, since they aren't "directed".
The emails need to be directed to the appropriate parties, not go to everybody. There is nobody who is interested in seeing all regressions, except perhaps me and Andrew. Most *real* developers (as opposed to people like me, who are integrators, not "real developers") want to be notified about problems in *their* area, and if it's just automation that sends out everything, it just dilutes the value of the thing, to the point where people will ignore it even for the cases when they happen to be related to what they do.
Let me put it another way: I would never use a source control system that forces me to look at my 22,000 files one at a time. I think such a system is fundamentally broken, because it makes it impossible to get the big picture ("what changed in the last week" kind of thing). The same is true of bugzilla: if you *know* which bug you're looking at, it's good. For anythign else, it's almost worse than useless, exactly because there is no way to get an overview
(I've said this before, but I'll say it again: one thing that would already make bugzilla better is to just always drop any bug reports that are more than a week old and haven't been touched. It wouldn't need *much* touching, but if a reporter cannot be bothered to say "still true with current snapshot" once a week, then it shouldn't be seen as being somehow up to those scare resources we call "developers" to have to go through it).
So there are probably things that bugzilla could do to become more useful, but I don't see that happening. We'd need either a smarter/better bugzilla, or somebody who actually turns noise into real information. Adrian did that (although in fairness to others, other people definitely do it too. Dave Jones, for example. Very useful).