35 point low approach two-space low pincer
This is somewhat less severe than the one-space pincer; but also less likely to end up looking like an overplay.
White's usual move is to come out with 2 here. White isn't likely to play tenuki, since Black at 2 is such a good play: see 35 point low approach two-space low pincer tenuki.
White's other replies that are commonly seen are at a (see 35 Point Low Approach Two Space Low Pincer Side Contact) and b. At c for immediate life is a Kitani joseki.
DaveSigaty: In recent years we can see this pincer used in situations like the following...
Ma Xiaochun (White) - Yi Ch'ang-ho. In this Anti-Chinese fuseki, Black plays 5 to test White's response. When White extends to 6, Black plays the two-space low pincer at 7 backed up by 5. Black continues with 9 on the left so White naturally turns against the lone black stone on the bottom side.
Cho Hun-hyeon (White) - Yi Se-tol. Here again the combination of 6 and 8 are used to build a framework along the right side.
The two-space pincer is not the only choice.
Cho Hun-hyeon (White) - Ch'oe Myeong-hun. In the same position as the previous example, Black chooses the three-space pincer instead of the two-space. The basic idea of building along the right and letting Black attack at the top is the same.