Awesome. This is a great addition to the plaintext arsenal (which includes Markdown and Textile).
I'd like to see a superfluous extension/hack of this to be able to produce art and cool-looking things in general, a la pixmaps:
http://en.wikipedia.org/wiki/X_PixMap
Oh sweet! Now we just need emacs to render the ascii art when displaying it in a code comment, similar to what the AUCTeX latex-mode does for equations.
Especially diffable version control! Better than adding an image for code documentation. Although SVGs are also decent in this regard, they'd be slightly overkill.
I'd like to see a superfluous extension/hack of this to be able to produce art and cool-looking things in general, a la pixmaps: http://en.wikipedia.org/wiki/X_PixMap