Horrible; if you are going to set a dash open and use it for the purpose of an em-dash, use an en-dash.
Setting an em-dash open is ugly as hell.
> I prefer to ASCII-encode my em dashes with three hyphens.
Two-hyphens is conventional for an en-dash. Since a set-open en-dash serves the same purposes as an em-dash, a lot of people just use that instead of the three-hyphen conventional encoding of an em-dash.
Some people use set-open hyphens on ASCII in place of dashes, which is actually probably the best thing in a monospace presentation but ugly in proportional fonts.