Not even that. All it does is forbid the federal government (only) from seizing property for the profit of private parties, which it doesn't do anyway. This is another example of the cynical manipulation of his base that lead to Bush's saying he's for gun rights but doing nothing about them.
It's more than you hope. It's precedent to counter more Kelo vs. New Londons except on the federal level.
You all who say this means nothing: imaging Bill Clinton, of Waco fame, with the precedent of Kelo vs. New London in his chubby, greedy hands.
As for gun rights, exactly WHAT has the president done to take away your gun rights? Hubby's and my guns are still all here. Did Bush steal your guns? Maybe using eminent domain?