The 3...dxe4 variation of the Nimzovich has gotten a lot of bad press recently and was hoping to have a discussion of it to see if this was truly deserved. I still think 3...e6 is a decent move but it's always nice to have another option. Some of the resulting positions do seem to require nerves of steel, but we've seen the second player take as much risk to score the full in some of the wild variations of the Sicilian, so why not in the Nimzovich? Here's a summary of what I've been looking at:
1.e4 Nc6 2.d4 d5 3.Nc3! dxe4 4.d5 (easily the most critical line)
4...Ne5 (4...Nb8 is playable too but as Watson notes, “requires precise defence in many variations", from Matering the Chess Openings 4 [MTCO4]. Then again so does 4...Ne5 so this should be looked at further.)
5.Bf4 (5.Qd4 is importantant too. Watson thinks this also gives White an advantage. I disagree and hope to discuss it another time.)
5...Ng6 6.Bg3 a6! (5...f5 can transpose but here I think after 7.Nh3 a6 8.f3! (Watson) White has some advantage)
7.Bc4 (7.h4 is the old main-line, and Black seems OK there. There's also the once debated 7.Nxe4 f5 8.h4! e5! or 8...e6 with complications that seem OK as well.)
7...f5 8.Nh3 Nf6 (8...h5!? was brought to chesspub's attention in another thread by Sören Jensen. He wrote more on this move and other variations here:
http://www.chessville.com/instruction/Openings/Nimzowitsch_Recent_Developments.h.... It still hasn't been refuted although it seems even riskier than my main line here. White has at least 4 dangerous tries, 9.Nf4; 9.d6; 9.Qe2 and 9.Ng5. The latter is recommended by IM Scheerer in his recent "The Blackmar-Diemer Gambit", but he doesn't mention Jensen's 9...e5!? or 9...f4!?, which I think is actually a little better for Black. In my opinion, 9.Nf4 is the best move and leads to some advantage for White. Perhaps these variations could be debated as well.)
9.0-0 (9.f3 Nh5)
9...h5!?,

I haven't seen this move mentioned anywhere but I think it may be an improvement on Jensen's basic idea.
A. 10.Nf4 Nxf4 11.Bxf4 b5 12.Bb3 Bb7 13.a3 Rc8 looks OK for Black.
B. 10.Ng5 f4 11.Ncxe4 fxg3 12.fxg3 e6 13.Qd4 Be7 14.Rae1 0-0 15.d6 Nxe4 16.Bxe6+ Bxe6 17.Nxe6 Bf6 18.Qxe4 Qxd6 19.Nxf8 Qd4+ 20.Qxd4 Bxd4+ 21.Kh1 Nxf8, with some advantage to Black.
C.
10.d6 cxd6 11.Ng5 e6 12.Bxe6 Bxe6 13.Nxe6 Qb6 14.Nd5 (14.Nxf8 Rxf8 15.Qxd6 Qxd6 16.Bxd6 Rf7=; 14.h4 Kf7!?, unclear)
14...Nxd5 15.Qxd5 Ne7! 16.Qd2 (16.Qxd6 Qxd6 17.Bxd6 Rc8=)
16...Kf7 17.Ng5+ Kg8, and Black can make use of ...h5 against most moves next with 18...Rh6!?
Of course I could have given many more variations but I think this is a good start. One strong move by White in anyone of the variations could make a lot of what I could have written obsolete. Of course these lines are hair raising and I once described Jensen's 8...h5!? as ugly (the same could be applied to 9...h5!?) the positions don't seem anymore impractical as say variations of the Najdorf, Dragon, or Alekhine. Any thoughts?