The main problem I have with the c&r is the ambiguity of the regs. If ammo is no longer under scrutiny, then they should have been able to drop it from the regs in 20 years time. It was left there for a reason. The regs state that the atf is allowed to come no more than once a year to inspect my stuff. It may never happen in my lifetime but there is the possibility that the inspection will be abused especially if rkba gets eroded. It's kind of written like tax law. No matter how many times you read the regs and how many lawyers you hire to interpret them for you, you will be out of compliance in one way or another.
My point about the ammo thing, is that it was left in the regs for a reason.