Just for information...
I don't normally use the search and email from AS. Mostly because I use 'Snipe it Now' from my toolbar while at eBay. I always like to look at the auction at eBay before entering a snipe so it's just as easy.
However shortly after your post yesterday I did set up two searches. I asked AS to run every 2 hours and email me. Still no emails... Maybe I'm doing something wrong, but don't think so.