Seems like a lot of eminent domain issues stem from property VALUE instead of the actual seizing of the property (although I’m sure there are sentimental reasons for keeping real estate, too). For the most part, if full replacement value is paid, then the property owner would be able to replace the asset. The problem comes in when the contemplated improvement is the cause for the increase in value of the asset.
Meaning, if I’m going to put a 5 lane highway through your $50,000 house on ½ acre, most people don’t want the $50,000. They want the $250,000 that the ½ acre MIGHT be worth, in someone’s opinion, if it were right on the 5 lane highway. Without the highway, the property isn’t worth much, but most people want the extra property value the highway might bring. However, when the highway comes in and increases the value of surrounding property, no one ever volunteers to pay part of their increased value toward the cost.
The same can be said for economic development projects. A guy has a $10,000 house. Rumors start of a new project coming to the area and the value goes up to $20,000 because of speculation in the market. It turns out his is right in the middle of where the big project wants to locate. Usually, he’d end up getting $30-$50,000 just for the development entity or government body to avoid attorney’s fees and bad PR. But he holds out for $250,000 threatening to stop an entire project which would have great benefit the entire community. So, he ends up getting into eminent domain issues. Maybe he get's $20,000, maybe more - probably he gets moving expenses covered, too - whatever it is, it's still more than it was worth before speculation began and enough to replace the asset with an equal asset.
On one hand, I don’t think the government should be able to TAKE someone’s property from them. On the other hand, if the government PAYS what the property is worth (and even a little extra), then I don’t really see harm. There are no capital gains taxes if the property is replaced, and, typically, the owner can even get extra to cover other expenses.
Yes, it irks me that I don’t see much harm, but there are many much worse ways to lose your property.