A few thoughts on some of your comments/

Why didn't more people buy land during the cheap land buyers were trying to dump?  Lack of available credit, high interest rates on borrowed and CD money, but most of all, many were just scared to buy. 

Prices didn't return to those levels for 25 years.  It was my experience that is totally wrong.  Do you have specific examples of this in your area?  In my area I personally know of one farm that was purchased for $900 per acre in 1976, sold for $450 an acre in 1985.  Equivalent land in the area was bringing $1500K an acre in 1995. I also know of at least one example with better returns than this one.

9% CD'S were a better investment.  Short term but in a few years CD's went down while land prices went up.  In the example above $450 land going to $1500 i n 10 years along with profits from farming it are a much better return than leaving it in CD's for 10 years.

Regarding ROI being used as a major criteria for buying land.    Waiting for land to show a great ROI is an exercise in futility.  As ROI increases more potential buyers enter the market driving prices higher.  Some in the market for land then start revising their ROI requirements to compete with the guy who puts little emphasis on ROI.  ROI is never going to look that good in most cases. 

The above is my own personal experience along with an opinion or two thrown in.  It's worth what you paid for it.