It's an interesting idea, and it's true I've never seen much analysis of it. But honestly, I'm not real keen on it.
For one, the doubled pawns in the Nimzo-Indian are a blessing as well as a curse, so going that far out of the way to avoid them is not necessary, IMO. If you're THAT concerned about them, you might be better off with the Petrosian variation of the Queen's Indian -- 1.d4 Nf6 2.c4 e6 3.Nf3 b6 4.a3, followed by Nc3.
For another, putting the knight on d2 fails to pressure the black center, and interferes with development of the queen bishop. I think black's best reply is not 3...Bb4, but the immediate 3...d5!, transposing to a Queen's Gambit Declined with the better game.
Great Defence for White against Nimzo-Indian

The trompowsky is another interesting alternative to main line indian stuff that d4 players often take up learning. EDIT: Of course I forgot to mention this avoids all kinds of indians so if you are a fan of playing against the KID or such then this might not be what you want.
i agree, 3. ...d5 is a good line for black to be considered, but then White could respond 4. c5, destroying Black's King's Bishop's freedom, and once c5 has been played, the constriction of the queens bishop shouldnt matter as white will push the b pawn as part of a queenside pawn storm and give the bishop a good home to support this attack on either b2 or a3. if black attempts to break white's central pawn position with b6, black can respond b4. Black's knight is also quite restricted as Nd2 removes the possibility of it finding an outpost on e4. while all this pawn-pushing will put white behind in development, it should not matter, because i believe white can conjure up a strong queenside attack

The Petrosian QI is probably better, as has been said. Having said that, Nd2 is an interesting idea. It's almost like the N-I version of the Tarrach French

i agree, 3. ...d5 is a good line for black to be considered, but then White could respond 4. c5, destroying Black's King's Bishop's freedom, and once c5 has been played, the constriction of the queens bishop shouldnt matter as white will push the b pawn as part of a queenside pawn storm and give the bishop a good home to support this attack on either b2 or a3. if black attempts to break white's central pawn position with b6, black can respond b4. Black's knight is also quite restricted as Nd2 removes the possibility of it finding an outpost on e4. while all this pawn-pushing will put white behind in development, it should not matter, because i believe white can conjure up a strong queenside attack
After 3...d5 4.c5, Black seizes the advantage with Nc6. The d4 pawn is undefended since the Nd2 blocks off the queen as well, and it also threatens e5, freeing the queen bishop and undermining your pawn chain. I don't think you'll have the time for a queenside attack because Black is ahead in development and stands better in the center.
Czar's idea of playing an immediate 3...c5 is also a good one.
Great Defence for White against Nimzo-Indian
Not sure the post title is the best. White opens the Nimzo option with 3. Nc3. It is White's choice to open the Nimzo door. 3. Nf3 opens the Queens Indian and Bogo-Indian options. 3. g3 opens the Catalan Opening option.
3. Nd2? If you open the door to the Nimzo as White, then look for an attacking line. Otherwise, play one of the other solid third moves.
3. ...c5 is terrible because then 4. e4!!. Black cannot play 4. ...cxd4 because then 5. e5! forces the knight back onto it's starting square, leaving Black with no development, no center, and an isolated pawn.
The move equalizes development, and gives the knight a good possible outpost on e5.
Note that black should not play dxc4, because then Nxc4 leaves white with excellent position, if black attempts to kick the Knight, White can play cNe5, and Nxc4 leaves White the option of Bg5, an excellent move in the position.

Its not bad, but its gives your opponent at least equality without a fight (thus there are better options) Personally as black I would play d5 for an easy game. If white played c5? (I give this a whole question mark for how many principles it violates) simply b6 gives black an advantage. Black would soon get a useful file, drag pawns away from the center, and whites pawns themselves are a bit awkward to defend.
no. 5. e5 Nd7 cramps Black's position significantly, allowing the same problems that people were saying against 3. Nd2. You know what czar? log onto Live Chess. Let's play this line a couple of times me as white you as black. It's the only way to prove a good move or a bad one. I'll be waiting.
"4. Bd2 constricts the bishop."
By boing Nbd2 you're burying the bishop alive pretty much, I've personally used Bd2 and I believe it's the best move.

4 Bd2 in the nimzo is not even equal for white according to my data base.... if you dont want the doubled pawns try 4 Qc2 a move played by some of the greatest the game has known . If you dont like that then avoid the nimzo with 3 Nf3 or 3 g3 ( catalan )
I'm pretty sure that once you play Nd2, black can transpose into QGD in which black will likely have the advantage.
Looking at a normal transposition into QGD, one can notice a big difference in that white has the initiative rather than black.
while the order of moves is not the same at all, kasparov reaches an excellent position and ultimately slaughters Deep Blue here using similar ideas of Nd2, and interestingly enough Deep Blue DOES play c5, and Kasparov does slaughter him with a Queenside pawn storm!!
http://www.chessgames.com/perl/chessgame?gid=1070879

The move equalizes development, and gives the knight a good possible outpost on e5.
I'd agree that's the best move at that juncture. The problem is that the Orthodox QGD is quite solid as it is -- it's already difficult for White to reach a middlegame that retains any kind of advantage from his first move. Compared to that, your Nd2 1) puts less pressure on the center, and 2) blocks in the QB, preventing a timely Bg5. You're essentially down a tempo and a half from an already nearly-equal position. It's by no means lost, I'd grade it only slight advantage to Black... but from a theoretical viewpoint, that's not an ideal evaluation for a 3rd move from the White side.
I also applaud the sentiment of trying out your own openings, though. I certainly have my own personal toys that I like to trot out occasionally, despite what theory may have to say about them, and it's fun. I think you could do better than your Nd2 anti-Nimzo line, but hey, you could do worse.
This, for those not familiar with it, is the Nimzo-Indian Defence
The Nimzo-Indian is a popular response by black to 1. d4 because of two main reasons
1. An exchange on c3 is welcomed by black, as while it surrenders the bishop pair, it inflicts doubled c-pawns on white, generally a weakness, unless White defends the knight, which he will have trouble doing, as 4. Qc2 does little to help White's backwards development and 4. Bd2 constricts the bishop. Also, no matter how White recaptures, he will still be hideously behind in development after 5. ...0-0.
2. It pins the knight, preventing White from playing e4, and if his bishop is forced to move, by means of say a3, he can always just take the knight.
After playing a particularly good Nimzo-Indian enthusiast, I attempted to find a better third move for White which negates these positives for Black. I believe I have found it. I am wondering, however, why no website, and no opening book which I possess mentions it as a variation. I have analysed it somewhat extensively, and am wondering what major flaw it could have that would make it so invisible.
I know what your saying, "But after 3. ...Bb4 Black has still pinned the knight!"
This is true, but could White not then play 4. Nf3 Then, Bxd2+ is well met by Nxd2, or even Bxd2.
White no longer risks doubled c-pawns, and has not surrendered ideas of e4!!!! And while he is still a bit behind in development, he can just develop the bishop after e4 and then castle, or if black plays hardball against e4, fianchetto the King's bishop and castle with excellent position and a great pawn centre!
And should Black choose not to exchange on d2 right away, White should play a3, forcing either the exchange anyway, 5. ...ba4?? 6. b4! (trapping the bishop), or 5. ...be7, which allows White a free hand in the center, (5. ...bd6? blocks the queen's pawn, and white can play 6. c5 if he wishes, forcing be7 anyway and gaining a tempo).
I believe Black's best bet after 3. Nd2 Bb4 4. Nf3 is 4. ...d5 (not 4. ...c5??, because after 5. a3, the bishop must retreat to a4, and then after dxc5 must retreat again, losing a tempo and a pawn, and risking a queenside onslaught) but in my opinion, 3. Nd2 is an excellent defence.
Who disagrees??