I used to play this. I scored a win versus a 1900 USCF in OTB chess with it ... after he chuckled aloud when I played the move. I guess I had the last laugh.
Of course, it can transpose into some standard lines, so it's not quite as bad as it looks. Well, maybe. At least someone with Basman's skills can manage to make it look OK.
I have played this a few times and have a lot of fun with it.
Does anyone else play this defence? It usually leads to some very shape play, with excellent chanches for black.