After 1. d4 d5 2. c4 e6 3. Nc3 Nf6 4. Bg5 Nbd7 5. e3 c6 6. Nf3 Qa5!? 7. Nd2!? Panczyk and Ilczuk analyze many moves. The main moves are 7...Bb4 and 7...dxc. They acknowledge that 7...Bb4 is more popular, but they prefer 7...dxc. 7...Bb4 is active and leads to interesting play. However, Black has to play precisely in several lines. This is a practical more than a theoretical problem.
I have been slow to warm up to 7. Nd2!? dc4 8. Bf6 Nf6 9. Nc4 Qc7 as it looks passive. However, I think this calls for a revised way of thinking about the position. One author said that he thought the Nimzo-Indian was a gambit by Black because he gives up the two bishops. If so, then the above sequence is a gambit by White. I now think that if Black accepts the gambit, perhaps returning it later, he gets an acceptable game.
Active play is possible, though not assured. Here's a sample line:
1. d4 d5 2. c4 e6 3. Nc3 Nf6 4. Bg5 Nbd7 5. e3 c6 6. Nf3 Qa5 7. Nd2 dc4 8. Bf6 Nf6 9. Nc4 Qc7 10. Rc1 Bd6!? 11. f4!? Be7 12. Bd3 O-O 13. O-O c5!? 14. dc5 Bc5 15. Kh1
Black seems ok and can consider 15...Qe7, 15...Rd8, or 15...b6.
The recent book, Modernized Queen's Gambit Declined, by Luis Rodi includes the Cambridge Springs. Like Panczyk and Ilczuk, he covers both 7...Bb4 and 7...dxc, based on his introduction which is available at ForwardChess.com.