The answer is you get a messed up TStringList, because if you have no QuoteChars, TStringList assumes that spaces are delimiters too. Isn't that fun!
The parsing capabilities of TStringList are half-assed at best. In addition to the spaces/QuoteChars fiasco, your delimiter can only be a string with a length of one.
And don't worry, I've already programmed around TStringList's shortcomings. I had to load the file and parse it myself, adding quotes where necessary, then passing it to TStringList.DelimitedText.