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You are correct. Opens are tracked via an embedded image. You should still gets click stats and, of course, conversions, however. In my experieence Opens are far less relevant than those metrics in terms of overall success. Even with HTML email and Open tracking present, Outlook blocks the images by default in many cases making open stats nothing but a leading indicator, where clicks and conversions are a true measure.
Thanks for the reply, Tom. I know it's not the best metric to look at but I wish there was a way we could see opens anyways.
I tested this today and I wasn't able to get any stats on clicks either. I just checked the campaign stats and email link performance report. Nothing on click stats. Then I checked this page and it says on the side note that you can't track the link stats. http://community.marketo.com/MarketoArticle?id=kA050000000LB9bCAG