Following someone puts their streams, posts, and favorites in your feed by default, and has Piczel send you emails when they go live.
Your follows list has a row per person with four switches which control notification settings per-follow:
A bulk toggle sets any one of these for everyone you follow at once.
New follows start from your defaults in Emails and notifications. Changing the defaults does not change follows you already have.
The same page lists who follows you.
Premium accounts can send an email to their followers from Email Followers. It reaches the followers who have announcements enabled.