connecting to the database- any problems with this way?

Code:

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Set OBJdbConnection = Server.CreateObject("ADODB.Connection")
OBJdbConnection.Open "mydb"
set Rs = Server.CreateObject("ADODB.Recordset")
sqlq  ="SELECT * from profile"
OBJDBConnection.execute(SQLQ)

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I always see so many different ways of doing this. What are the problems with my waya. Should I have adopenrecordset and adlockoptimistic as parameters after my db connection is opened...like so...

OBJDBConnection.open "mydb", adlockoptimistick, adopenrecordset

thanks