Investing in land should be more common today than it is. As the housing market slowly starts rebuilding itself up to where it once was almost 10 years ago, it would make sense for the price of land to go up as well. Land has always been a valuable asset (At least for some more than others), which is why it should be invested in more often as housing starts to peak higher and higher.
The downside to investing in land would be the almost defunct prices. Rarely do parcels of land just increase in price if not for a good reason. There is still nothing wrong with investing and holding out on the future. As world population increase it would make sense to buy up land now because space will be getting a little tighter in the years to come.
Whether you would build something on it or just hold it for future considerations, investing in land now would make sense, if you think about it.