It does not make sense for US corporations to pay both foreign and US taxes. While the intention of the US Government may be to encourage companies to invest in the US to begin with, that is not happening.
Companies are growing in the BRIC countries and in Europe. Allowing US corporations to repatriate money tax free will result in these corporations spending that money in the US, paying it out in dividends or stock buy backs. There are retail investors and pensions that can benefit from both.
Google recently spent $1 billion in the UK to avoid the tax penalty of repatriating that money. Wouldn't everyone in the US have benefitted in the long run if Google had spent that money here?