Interesting. I don't know how much taking the Federal Government does (perhaps someone could enlighten me on that), and this doesn't (and can't) affect takings by state governments, so I don't know how much of a real-world impact this will have. But it does go to show that some questionable Supreme Court decisions do have political solutions.
UPDATE: Here is a Volokh Conspiracy post with more probing analysis, concluding that the EO is a piece of crap. The post states that (1) as worded it doesn't actually prevent the type of taking that Kelo blessed and (2) even if it did, it wouldn't do much because most condemnations are state and local matters.