It's easy to sympathize with what others are are so passionately reacting against - the use of eminent domain against small businesses and working class homeowners on behalf of large realtors and retailers - but there is a real danger here, it seems to me, of throwing the baby out with the bathwater. You have the same problem as with "regulatory capture" - where institutions and laws presumably designed to serve the public interest are taken over by powerful private lobbies to advance and legitimize their narrower interests.
But the idea is not to attack and defeat the principle of eminent domain any more than to get rid of the regulatory agencies or or any other public institutions and processes which have been corrupted by private influence. The idea is to recapture them politically, however painstakingly and at at all levels of the system. Ultimately, success or failure here as on other fronts reflects the political climate of the times.
The most logical and foolproof way for critics to eliminate eminent domain would be to press for an amendment to the the US Constitution - as conservatives since James Madison have been doing - which would add the acquisition and retention of property as as inviolable right akin to life, liberty, and the pursuit of happiness. The same pressures to constututionally entrench property rights have been coming from the right in all of the other capitalist countries as part of their offensive over the past three decades to narrow the scope of state intervention in the economy. They have not succeeded anywhere because there is still widespread popular and considerable elite resistance to a regime of untrammeled property rights, and I think we have to be wary, in opposing the abuses of eminent domain, not to end up on the wrong side of this debate.