eminent domain has been around since the constitution was written, if i am not mistaken. this should be true though, considering it is part of the Fifth Amendment.
This is a big deal around here, as a construction company is wanting to build a private freeway (pay road) which will stretch through a lot of rural farm communities in the area (from this side of Denver all the way to Golden). The state has basically told him that it is ok for him to condemn the land that he needs, so everyone is flipping out (rightfully so).
Also, years ago my boss lost some of his property to the FAA. They decided they needed a radio tower right around the location of his land, so poof...there's a tower on his land now.