Anyone got a summary? It reads like ancient greek to me.
Jeeper summed it up excellently. Here's more detail, if you can stand it:
"The militia functioned much like the jury. Citizens came together within a legal framework to act for the public good. One can only claim the right when citizens are organized into a legally sanctioned body—otherwise you have the Shays/Whiskey Rebellion scenario that most of the Founders dreaded.
"The other aspect of well regulated liberty that needs to be stressed is that the right only makes sense in the context of robust gun regulation. Without musters, inspection, and accountability there is no well regulated militia. The collective rights argument, at least its radical progenitor, was Anti-Federalist in spirit, but it was quickly revived by the Jeffersonians. I do see it as different from this civic right.
. . .
"As for the question of what the potential jurisprudential difference between a civic right and an individual right is I think it could be quite significant. For one thing it would certainly mean much more rigorous gun regulation—registration, inspection, safe storage, and mandatory safety training. It would also mean that hand guns would have no constitutional protection in contrast to long guns which would enjoy protection as long as they were brought within a robust regulatory scheme. Gun owners get greater protection but they accept much greater levels of regulation. Finally, it would almost certainly mean that the constitutional scrutiny of gun laws would trigger a rational basis review and not strict scrutiny. (Perhaps one might argue an undue burden standard, but this is a pretty underdeveloped area of the law.) The Founders clearly thought that some types of prior restraints were fine so the words and guns analogy is way off."
Source:
http://blog.oup.com/oupblog/2006/07/mark_tushnet_sa.html
In other words it's exactly as Jeeper wrote. If you ain't in active service in the militia you ain't got 2A protection. Same old song with a different twist. Although in the quotes above, as opposed to the brief, you'd be "allowed" to keep certain long guns.
However, Cornell, the guy who's been writing a lot of this gibberish (and who I'm quoting above), is not consistent. How could non-military long-guns be protected in the contstitutional scheme he describes above?
The trouble with most of his crap (as well as that of Garry Wills and Carl Bogus), is that very few pro-gunners are familiar enough with actual 2A history to intelligently refute their arguments.