Black cannot play Nc6 at the moment, that is true. However, it doesn't look like White can exploit this immediately, either.
Black will answer 3 Nf3 by ...d5, gaining tempo on the Bc4 that he can then use to either defend e5 (d7 is open for the knight, at the very least) or counter-pressure e4 (which is equally weak as e5). The whole motive is similar to the classical center attack in the Italian (c3 + d4).
Trading the pawns (4 exd5 cxd5) opens c6 for the knight again and doesn't look very attractive as it yields the center to Black. 5 Bb5+ is toothless, Black will reply ...Bd7 and then take back on d7 with his knight (or simply play Nc6 if the white bishop retreats now). Immediately retreating (by 4 Bb3) doesn't look very good either, Black will gain the initiative.
Of course, White has other options for his third move. 3 d4 is a similar attempt to attack e5. Black can reply 3...d5 again, which leads to a very complicated position. But again, e4 is just as weak as e5 and swapping away e4 opens c6 for the knight. No clear advantage for any side.
Against 3 Nc3 (prevents 3...d5, but doesn't attack e5), Black has time to play 3...Bc5 , followed by 4...d6 (e5 is safe) and he will achieve something similar to a Giuoco Pianissimo Reversed - which is not too bad, really.
So, yeah: Totally playable in my opinion.
Disclaimer: I'm not an actual expert in this opening.