I’ve played the move quite a bit in online games because, like the Grob Attack, it often boogers up my opponent’s train of thought and they often end up trying to refute it by violent and unsound means. About the only thing I found on the defense was an article on Wikipedia that says White's best response is to support the center and develop with 4.d3. The resulting position is similar to a King's Gambit Declined with Black playing the gambit with less development -- not very comfortable for him, but White must still play carefully.
If you’re interested in doing some home opening preparation, this gambit could be promising unless you think you’ll be meeting any IM’s or GM’s; I wouldn’t play it against them. Oh, yes. The result is correct. My butthead opponent had over 6 minutes left and when it became obvious he was going to let his clock run out, I resigned.