It does nothing, because there is no Console, so there is nowhere to output whatever you are trying to output. It will not be automatically logged anywhere - you must set that up yourself.
-- 
To expand just slightly
The Console class specifically refers to the console window in a console application (i.e., a non-graphical DOS style executable program). 
In ASP.net, your code runs on a web server, and there is no such thing as a console.
If you need to log debug/exception output, look into using Log4net or something similar, or roll your own.