Taken from:
http://www.wizards.com/magic/magazine/Article.aspx?x=mtg/daily/boab/186

Eminent Domain is a deck that focuses on controlling the opponent's resources. The deck is excellent at setting up perfect Wildfires. Cards like Dream Leash and Annex ensure you'll find a turn where your opponent has four lands in play and you have six or more. At that point, Wildfire is essentially a Cruel Ultimatum. The deck protects itself with inexpensive removal spells while it sets up a big Wildfire turn. This deck has a very special place in my heart because with it I won Friday Night Magic every week for thirteen weeks in a row back in late 2005–early 2006.

Once you learn how to time your spells, the deck has an incredible matchup against both creature decks and control decks. Combo decks will give you some trouble, but if you're willing to invest in copies of Chalice of the Void for the sideboard, you should be fine in Games 2 and 3 against them too.

Let me talk about the cards and why they're in the deck.

Wildfire is an incredibly powerful spell currently overlooked in Modern because of its high casting cost. A lot of Modern decks rely heavily on mana creatures and Wildfire does an excellent job of locking down your opponent. After you cast a Wildfire, it is not uncommon for your opponent's next turn to consist of drawing a card and simply saying, "Go."

Annex is Wildfire's best friend. This card produces an interesting kind of card advantage. This card is incredible against Tron decks that seem to be some of the winning-est decks in the format. Against other strategies, Annex helps you set up a brutal Wildfire.

Dream Leash gives us redundancy with Annex. There are a lot of matchups where we're probably just stealing a land, but sometimes your opponent will have a massive Knight of the Reliquary or Tarmogoyf and it becomes necessary to steal it over to your side of the table.

Mana Leak is a great reactive spell. Remand is probably better in this spot, but the Ravnica uncommon has become incredibly difficult to acquire lately. Mana Leak still fulfills the same role in the deck and it's much easier to find. A deck with Annex, Dream Leash, and Wildfire will be hard-pressed to find a time where Mana Leak isn't just a 1 ManaBlue Mana Counterspell.

Standard versions of Eminent Domain didn't have access to Ponder, but I'm sure they would have played it if they did. It's important to note that this is one of the decks where you probably don't want to cast your Ponder on turn one unless you're missing a two-mana accelerator. I recommend holding the Ponders until it becomes clear what exactly you need to find. The deck has answers to just about everything and it's worth waiting to find a perfect card because you'll have plenty of mana after the fourth turn anyway.

Pyroclasm is very well positioned right now. Artifact aggro decks seem to be the flavor of the month in Modern and Pyroclasm punishes those decks pretty hard. Pyroclasm is also excellent against Delver of Secrets and Lingering Souls.

Repeal is an important one-of here. There are permanent types you'll have a lot of trouble dealing with; for example, if your opponent has a Worship in play it can become very difficult to end the game. The deck can lock an opponent out of the game pretty well, but the cleanup has to be messy sometimes. A single copy of Repeal will let the deck win a lot of otherwise unwinnable games.

Lightning Bolt is the most efficient spot-removal spell available to red players. You want to be using this on turn one or in conjunction with another spell on the same turn in order to spend your mana most effectively.

The original Eminent Domain deck won with Kamigawa dragons. Kokusho, the Evening Star and Keiga, the Tide Star would usually come down after a Wildfire and clean up the game. These days, we have a significantly better win condition: Frost Titan. Think about it: you cast Wildfire and destroy all of your opponent's lands and creatures. You pass the turn, your opponent plays a land and passes. You cast Frost Titan and tap the land your opponent played.

Yes, that's a dream scenario, but it's going to happen more than you think. Frost Titan's protection ability is close to hexproof when you're destroying and stealing your opponent's lands. Frost Titan also closes the game very quickly. Three attacks will usually be good enough, and because of Ravnica shocklands and fetchlands, you might be able to finish a game with two attacks and a Lightning Bolt.

Mind Stone and Izzet Signet provide the deck with necessary acceleration. I'd probably Ponder to find one of these if I didn't have it in my opening hand, but it's not the end of the world when you have to spend the first couple turns playing removal spells and Mana Leaks.

Mikokoro, Center of the Sea works really well in a deck that controls its opponents' resources. Letting your opponents draw cards is fine when you have eight lands and they have one. You can use your cards much more effectively.