No, it really doesn't. Especially when you consider that the SCOTUS has found the 2nd Amendment to refer to an individual right[1]. The "militia" stuff is a red-herring these days.
[1]: http://en.wikipedia.org/wiki/District_of_Columbia_v._Heller
It would be hilarious if it didn't predictably result in over 30,000 gun deaths a year.
Every citizen who has served in the military (most of them due to compulsory duty), is required to keep a fully automatic weapon in their house.
You have a country where a young man can do his grocery shopping with a military rifle across his back and no one bats an eye:
http://upload.wikimedia.org/wikipedia/commons/thumb/5/53/Car...
I'll also guess that Israel has similar feelings too.
1) Is a better filter of those that shouldn't own a gun.
2) Trains a certain level of responsibility / respect for the weapon.
"The pen is mightier than the sword" has been around a long time -- tell that to the gun nuts though.
To me it stretches credulity that it's constitutional to deprive U.S. citizens the ability to overthrow their government. That is deprive them of weapons capable of that overthrow.