The PDF that LaTeX turns it into.
Now, the markdown generated by running
lyx_to_md example.lyx example.md
Chapter 1 Example of LyX
This is an ordinary paragraph of text. It contains quotes, which I am told are
“really hard to get right” . There is also the kind of ill-advised emphasis of words that are not considered good style.
This is a second paragraph, with `single' quotes and … ellipses, which I also over-use.
And that's the end of the test.
I don't have the single quotes working correctly yet, clearly.