For example, 1. e4 e5, 2. d4 ed4, 3. c3 Bc5?, 4. cd4 Bb4+, 5.Bd2! (Chapter 1, section 5)
The author's point, I believe, is that Bd2 forces black to exchange and loss a tempo. But the computer engine is suggesting Nc3 to be better though it does not achieve the gain of a tempo.
This is not the only example where I found such contradiction and hence my question, How contemporary is the book?
The first chapter about development is somewhat outdated, but the rest of the book is mostly valid (maybe overprotection is outdated too).
The number of relevant and deep ideas/concepts Nimzovich gathered in that book is absolutely incredible. This is a brilliant work, and so many other books were built from this pioneering opus.
Bear in mind that there was very little chess literature around at the time it was published. Nimzowitsch's ideas, which are now so well discussed that they seem to be almost trivially true, must have seemed genuinely revolutionary to all but the very strongest players. As others have noted above, My system is about concepts which apply now as much as they did then. Maybe one or two instances of tactical analysis in the book can be shown to be flawed but the key ideas are as important now as they ever were.