If anyone is interested I am posting my translation and notes of the MMK as I go as a blog: http://middleway-verses.blogspot.co.uk/
The aim is to read the whole text over the summer - thus keeping me interested and reading Sanskrit until classes start in September.
My aim is to practice my (newly acquired) Sanskrit and learn a little. I only know Madhyamaka in outline and this is a chance to get to know Nāgārjuna. If people just wanted to follow along that's fine, but it might be good if you know this text in Sanskrit to chip in with comments and ideas. Particularly on the grammar front.
My point of view is rooted in a close study of the Kaccānagotta Sutta
(in Pāli, Sanskrit and Chinese) in the light of Sue Hamilton's work (Especially as found in her book Early Buddhism: A New Approach). Thus I share some (but not all) assumptions with David Kalupahana. I won't be getting into the arguments of later exegesis if I can help it. I want to try to take the text on face value, and to explore the idea that thinking of Buddhism in terms of experience rather than ontology is a useful hermeneutic principle.
Chapter 1 is complete, and I'm starting chapter 2. This year's classes finish this week and I aim to focus on MMK after that.