This result is not good for black.
(Kobayashi Koichi - 9 pro dan - 12 november 2003)
There is a slight conflict between the hane (E3) and the initial approach (D7). Because white's pincer (D10) is far, he can cut without overconcentration.
If the pincer (D10) is closer (at D9), then the hane (E3) is fine. Cutting would make white overconcentrated.
If the approach (D7) is played low, then black has the ability to cut back. The result is more competitive.