It has its ups and downs. In some places it has revitalized towns, taking "slums" and turning them into tourist/shopping attractions that generate jobs and income for the town as a whole. Whereas other places it doesn't do much good, other than to pad some developer's pocket.

Another common use of eminent domain is for public works, typically roads and highways. Again, this has its ups and downs.

Basically it comes down to the needs of one versus the needs of the masses, and which is greater.