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Charles Matthews Actually this is not so much overlooked by beginners, as played far too often by novices, and then rejected by those with a little more experience. In most cases it is a bad idea. In a few cases it is a sparkling tesuji worthy of the title.
KarlKnechtel: That's rather what I would have said about it - but really, aren't most tesuji that way?
The nose tesuji goes against basic instinct by passing up an opportunity to hane at the head of two, and inviting opponent to push through a small gap?. But it also speaks to basic instinct by blocking opponent from extending in a straight line (limiting opponent's ability to add liberties to the proto-group), which is basically why it works in the situations where it does.