It controls d4 and e5 but it doesn't prevent White from playing d4. It can hold some surprise value, like if you are booked up on all of the Nimzovitch lines and your opponent isn't, but otherwise doesn't look like that great of a move. Edit: 3. e5 is better than exd5. If 3. exd5 Qxd5 then 4. Nf3 Bg4 5.Be2 and the game is pretty even with maybe a small advantage for White. If 3. e5 Bf5 (gets the Bishop outside the pawn chain that usually occurs at e6-d5) and the game usually transposed to a French where is might be considered slightly inferior since the c pawn is blocked by the Knight. It would take longer to initiate a c5 thrust than normal in a regular French.

d4 is met with d5. exd4 Qxd4. addition: if e5 then f6.

again d5 would be played. if e5 then f6!

I think d4 is better. If Black is going to let White play e4 and d4 uninterrupted with 1.... Nc6 then why not go ahead and play d4? This does steer back into Ruy lopez lines after 2.... e5 but I think the best try for an advantage is with 2. d4 Edit: 2. d4 d5 3. e5 f6 4. f4 or 2. d4 d5 3. e5 f6 4. Bb5. Either way I still would prefer Playing as White instead of Black in those lines.

3. e5 Ng4 4.d4 looks better for White

There's a reason Alekhine's defense was never played very much.

I usually play h5 afterwards and I meant Nd7, not Nf5. I don't play Ng4 in rated games though. Edit: I agree. The Alekhine isn't used much at higher levels and for an interesting game look at the Carlsen vs Topalov match from last week at the Linares-Morelia event. The game is analysed for free at chessclub.com.

4. d3 dxe4 5. Nxe4 Nxe4 6. dxe4 Qxd1+ 7. Kxd1 (or Nxd1) and 4. d3 dxe4 5. dxe4 Qxd1+ 6. Kxd1 Both lines are better for Black.

Indeed. What was I thinking! *slaps forehead* I noticed afterwards... as mentioned below.