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Amazon sorta-kinda does this, although I don't think you can pick a specific author (although if you've bought or rated a lot of work by that author you'll probably get notifications about them). Fictionwise will email you alerts about new releases from selected authors, but only for books available from Fictionwise - I'm sure other stores do the same. Similarly some publishers put out weekly or monthly newsletters of upcoming releases, but that only works if you know that [author]'s new book is coming out from [publisher].
A one-stop solution, ideally for both electronic and paper releases, would be really nice.
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