Is this a good or bad variation?

It's either good or bad, tell me which one it is, as well as explaining your reasons as to why.

Everything is screaming that this is bad for white. White's given up the center. I have a hard time seeing why white is ahead here.

7.Nxd4 would solve the issue for white and enable white to regain control over the centre using superior development whilst black is not yet ready to castle.

White does have central control, because white is targeting both D4 and D5 with the queen, as well as targeting E4 and £5 with the Rook, which is on top of the fact that white is controlling both E5 and D4 with the knight alongside the Bishop which is pinning blacks knight, which happens to control the centre too.

https://www.chess.com/openings

Go through openings section and that can help you also 

The openings listed on this site are called book moves, not all moves that are out of book are bad, Magnus Carlsen is the leading expert on out of book openings and he wins most of the time using out of book ooenings.

The opening that is featured on this thread is a request about an out of book opening, so the site database of openings won't help much.

This is a brand new idea for Black- played by Bernard Horwitz 170+ years ago.

One might consider it "playable", although objectively Black's position is worse after 7.Nxd4 Nxd4 8.Qxd4 c6 9.f3!, e.g. 9...cxb5 10.fxe4 Qb6 11.exf5+ Kf7 12.Be3.

What annoys me most though is 7.Ng5!? after which Black's position looks quite precarious. The computer saves the situation playing a few "only moves", but I admit I wouldn't like defending this.

Objectively it is bad for black, but it is playable in practice.