This is a severe response to the two-space high pincer, played only when White has a position to the right. Responses seen in pro play, in decreasing order of popularity:
Looking at the Widest Path, the following might be considered the main line of this joseki:
So the normal result is a rather large corner for Black and quite some outside influence for White.
This variation was created by Kajiwara Takeo 9 dan, a great joseki innovator known for his severity in local fights.
Here is another well-established sequence which White can use if he is not so interested in the left side:
Later, Black can exchange a for b or b for c, but it is usual to turn elsewhere at this point.
BramGo: This variation I saw recently in the 6th Round of the 29th Meijin title. I am not sure if it is something new, but personally, I had never seen it before. After w8 black tenukied, to approuch the corner at the topright of this diagram. White ignored this and played A. In other words: the topright side and left side are of equal value now.
Charles This is not a classical joseki - seems to be bad shape, putting the pincer stone on an excellent point. But it has been played a few times in the past five years. The continuation looks inevitable, or at least natural.
When an amateur is confronted with this unusual-looking move, he might attempt an unreasonable cut which is not seen in pro games. Here are two refutations given by Kogo's Joseki dictionary:
[1] mgoetze: According to a search on http://gobase.org.