I have the same question, but different usage of ASCII, or rather in the case of Unicode. Sometimes I need to use Unicode in words that are outside of the English language so that they render consistently in different browsers.
In the Turkish language the word 'Şahane' (pronounced Sha-haney) translates to mean "wonderful" or "fantastic".
Many browsers will corrupt the letter 'Ş' so here we must use the Unicode string ' & # 350 ; ' <--- (without whitespaces)
So the question is, will search engines read this as Şahane or & # 350 ; ahane (or 'ahane' or not at all!) if placed in content or title tag?
Thanks for any insight!