There are a few flank gambits like this. In the french and Sicilian with an early b4 usually to gain center control by deflecting the c pawn and as you say initiative/development etc.
Some aren't bad at all, very playable... you may give black an early equality, but it can be good psychologically if you enjoy playing positions where you get initiative/development.
hmm orangehonda, like a wing gambit in the sicilian huh, but this is very sound especially since white has no weaknesses
heres an opening website i just found stating a few ideas in those lines
http://www.shredderchess.com/online-chess/online-databases/opening-database.html
Heh, I didn't recognize it at first (from white on bottom) I tried this out in a few tournament games as black, as adamperfection says that's what white plays.
It may lead to a good position for white, but it's a messy position, white has to stay accurate for a long time. Especially at the sub master level I think it gives black plenty of practical chances... although I don't play this anymore 
I think there was a Fischer-Tal game with this opening that ended in a draw... I'm guessing it's only after the advent of strong engines that it was found out this line (with best play) doesn't offer black much.
I found a line I like for Black -- there's just one game in the game explorer down this line, but it's a Black win in a nice correspondence miniature ... I'd play this for Black against b4. It seems quite straightforward. Black doesn't try to refute Nb5 but simply collects his pawn and retreats the B, Black is up a pawn with connected passers for the endgame and White has not much in the way of compensation IMO.
http://www.chess.com/games/view.html?id=187230
I found a line I like for Black -- there's just one game in the game explorer down this line, but it's a Black win in a nice correspondence miniature ... I'd play this for Black against b4. It seems quite straightforward. Black doesn't try to refute Nb5 but simply collects his pawn and retreats the B, Black is up a pawn with connected passers for the endgame and White has not much in the way of compensation IMO.
Connected passers for the endgame, that game is 40 years old, I'm sure white has learned not to fall for Nxd4 since then Meanwhile I like white for his two bishops, space, and attacking chances. Objectively it may be equal, but I'd rather be white.
yeah, i really cant see why white cant create a blockade on the queenside, and kill on the kingside
I found a line I like for Black -- there's just one game in the game explorer down this line, but it's a Black win in a nice correspondence miniature ... I'd play this for Black against b4. It seems quite straightforward. Black doesn't try to refute Nb5 but simply collects his pawn and retreats the B, Black is up a pawn with connected passers for the endgame and White has not much in the way of compensation IMO.
Connected passers for the endgame, that game is 40 years old, I'm sure white has learned not to fall for Nxd4 since then Meanwhile I like white for his two bishops, space, and attacking chances. Objectively it may be equal, but I'd rather be white.
Fritz sees it your way.(Actually gives White a .5 plus) I'm going off to sulk.
this pawn sacrifice is one i came across when i looked at when the winawer declined variation occurs
this was just something i saw out of nowwhere, i didnt even know what to say!, so this could be useful later in the future if youre playing e4 as white against this :D and face the winawer declined, that is if you play 3. Nc3 ;)