> Horrible;
I strongly disagree. A closed em-dash—like this—looks jarringly like the words either side of it are closely related, as if by an extra-long hyphen. For example, in t previous sentence, “this—looks” visually appears to me to be a single compound entity, which is ironic considering that the intention was to make them appear especially separated. The ideal spacing is a thin space on each side, but I find a full space totally acceptable.
Of course, worst of all is asymmetric spacing, like this— yuk.
Edit: I just realised a closed em-dash doesn't look too bad in these comments because there is a very slight space either side of it, but I still stand by the above. A closed em-dash is much worse in documents typeset in TeX, where the dash without manual spacing practically touches the letters either side of it.