It works out well for the Church if the government does try to seize Church properties. It will lay the issue out in stark terms for all believers and serve as a rallying cry. Moreover, such an action would probably be manifestly unconstitutional and would set up the opportunity for the courts to put the Administration back in its place.
I'm really in a pessimistic, worst-case scenario mood, but if Obama is reelected he will probably get two more Supreme Court justices to his liking and there will be nothing to stop him. The Constitution will be toilet paper.
This is the kind of stuff that sounds like a novel. Who says life is boring?