Now, if I read this correctly, this isn't the government giving carte blanche for local and state governments to eminent domain everyone's land for a new Wal-Mart, but it is saying that the federal government can't and won't step in to stop it. State and local governments can restrict themselves from being able to do this, though.
Personally, I still think it sucks. There was a good chunk of land eminent domain'ed here in town a few years ago for a school building. When funds for the new building didn't materialize fast enough, the city rented half the land from the school board and put a rec center on it. (And put a local gym out of business rather handily, I might add.) But at least they went after land that, while I feel really bad for the Carter family, was farmland, so no one was forced out of their own HOME.
Personally, I hope that Wal-Mart takes advantage of this and requests an emminent domain of the Washington Monument. After all, one Wal-Mart brings in more money to a municipality than some ol' chunk of concrete, right?