Well...that argument holds no water at all. Police/military hardware is so much beyond what a citizen can possess, seems like that possibility is already gone.
Correct. Like I said in another thread, that "defence against a tyrannical government" argument is null and void. Apart from the hardware, the military and police consist of professionals trained in warfare and counter-guerilla/counter-riot tactics. And yeah, armies do have plans on the shelves to defend from internal uprisings. Unlike the age of muskets and cold steel weapons, you simply don't stand eye-to-eye with the military.
My idea is to have handgun owners subject to random ATF inspections to make sure they still are in possession of a firearm, and any sale of personally owned handguns must be recorded and subject to the same rules as dealer-citizen transactions. No restrictions imposed on gun owners, they must simply be prepared to, at any time, to prove they still possess the gun they bought.
Sorry, but I find that idea terrible. It's a carte blanche for random house searches, all the other problems I have with this idea aside.