Bush just made a sort of anti-Kelo executive order. What will be its concrete effects, if any? My impression is that eminent domain abuse is mainly a problem with local governments. Will the Justice Dept. interpret the order as requiring more just compensation for "regulatory takings"? (Think EPA.) Or is that precluded by the clause that "this order shall be implemented consistent with applicable law and subject to the availability of appropriations"?

Update: Ilya Somin argues the order achieves "little or nothing."