As it is out of print, and old copies are only available at university libraries, when I got the chance to buy one, I didn't need to think twice. As it is an important study, it is now scanned in and for the first time available online. Prof. JMS Baljon, from Leiden university, has written several important studies on modern Muslim thought, including one on Syed Ahmed Khan and on Shah Wali Allah, both which I also got my hands on and will be scanned in shortly.

"Modern Muslim Koran Interpretation" it is a great summary of 20th century Muslim advancement in understanding the Qur'an and one of the most important Western studies on modern Muslim Qur'an interpretation covering from 1880 till 1960.  This book is one of the most quoted by scholars of the Qur'an in the West, Muslim and non-Muslim, as is Izutsu's "God and Man in the Koran".

Due to the large size of the scanned book, it has been split up in 6 parts:

    Modern Muslim Koran Interpretation v1a (PDF)   
    Modern Muslim Koran Interpretation v1b (PDF)   
    Modern Muslim Koran Interpretation v2a (PDF)  
    Modern Muslim Koran Interpretation v2b (PDF) 
    Modern Muslim Koran Interpretation v3a (PDF)   
    Modern Muslim Koran Interpretation v3b (PDF)