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It is interesting how many people have mentioned Senator Feinstein. I heard on some talk show that she was one of only five people in San Francisco that is approved for--a concealed carry permit. So, its OK if she carries a gun--just not anyone else.
As far as reasonable regulations on the second amendment, I agree. "Arms" has a broad definition. We can certainly limit people from carrying around grenades, RPGs, AT-4s, Stinger missiles, etc. and I think most would agree that those limitations are a good thing. However, I think the line needs to be drawn such that no laws would deprive the citizenry of having a reasonable chance of defending itself against a tyrannical government. Having such an armed citizenry has actually helped other countries.
For example, Hitler purposely went around Switzerland while conquering Europe, not because Switzerland was neutral, but because every homeowner was required to have a firearm. They have mandatory military service, so in essence, you would have to kill every last citizen to conquer the country. For that reason, Hitler avoided what he called the "porcupine" and moved on to other less armed countries.
During the same World War, an Admiral in the Japanese Navy said they had no intention of ever invading the U.S.A. "because there would be a rifle behind every blade of grass." Just think of Red Dawn multiplied by a million.
While the decision whether to keep and bear arms is a personal one, there is no doubt that it does have a deterrent effect on tyranny.
The best advice I can give is to follow the counsel of the bretheren--namely, get out of debt, have a year supply of long term food, and a three month supply of food you normally eat. Make friends with your neighbors. Stand in holy places. If a breakdown in social order takes place, follow the counsel of the bretheren, and realize that God is at the helm and His eternal purposes will not be frustrated.
On a similar note, let me add some of my own advice--that when we have food storage, it is not to hoard for ourselves. I could not in good conscience watch my neighbors starve to death while I hoarded food. There are worse things than losing your life--such as losing your soul. When Brigham Young left Nauvoo, he gave away all he had to help as many people flee Nauvoo as he could. I am sure that if we help our neighbors, we will reap blessings. Perhaps that year supply was meant to help four families for three months, rather than one family for a year. Judgment and Charity must dictate. That being said, I have no qualms about defending my food supply from roving bands who would try and take it from me and leave my family to starve.
Finally, I am against ever registering any of my guns. It does not prevent crime. While it does help police solve crimes at times, it does one more thing which I am totally opposed to, though I do not consider myself a conspiracy theorist. It tells the government exactly who has guns and where to go to round them up. Mine are off the books, and I would rather leave it that way--not because I plan on committing crimes. While I do not believe our current government officials would try to round up arms--too big of a fight right now even if they wanted to--who knows what the future may hold. If registering all weapons becomes law, I will probably be disobedient to that law, because registration has always been the first step to confiscation in every country banning firearms.