Buying land for a LONG-term hold

[Baxter Stegall]

I currently own a piece of property that backs up to an undisturbed area in a part of town experiencing a large amount of growth.  My emotional side says buy this piece of property and come to an agreement on a deed restriction that doesn't allow development for several years.  My business side says, once the period is over the property will most likely be a hot commodity.  The emotional side says leave this for the neighbors to enjoy and allow wildlife to do its thing.  My business side says this property will fund a decent chunk of my retirement and allow me to do a little gardening in the meantime.  

This property directly adjoins mine, has been mowed and maintained by neighbors for some time, and the owner has supposedly given permission to "do whatever we want as long as there is no burning."  I've started building a RC car track out there (knowing a couple hours of work will restore the land to what it was before).  I love seeing the deer and rabbits and other wildlife out there.  I also have no plans to move for quite some time.  I feel like where we bought will appreciate quite well over the coming years.  We're in a suburban area with a little rural feel, and very close to the lake.  Our developer has water access in the plans (when it happens is anyone's guess :(  )  

If you had the opportunity to purchase vacant land directly behind your primary residence to prevent future development, would you?  Why or why not?  Would you do it believing the payoff in the long run would be well worth it?  Would it be worth it if the "payoff" wasn't financial, but for your well-being?  (And maybe to borrow against)