Here's why it 357 would "ban" ammo.... at least as we appreciate the concept of ammo.
The law requires for the numbering of the bullet (on the base since that's the only portion of the bullet on which engraving might survive) and the case.
So.... right now the ammo pours primed cases, powder and bullets into a big machine the machine whirs for a while and ammo starts pouring out the shoot into a machine that rejects bad cases, lines the rounds up and puts them into a tray and a card board box. The box of ammo, like thousands of other like boxes travels down a conveyor belt, and gets stacked on a pallet, the pallet gets loaded on a truck, and the truck delivers the ammo to a distribution center where smaller lots of ammo are distributed to the gun stores where its sits on a shelf for you to pick up and buy for something between 5 and 10/box.
Now lets see how it would be different.
First at some point in the process probably just before the cases are loaded presumably, you have to engineer a micro laser engraver into the system, two actually; one for the case and one for the bullet. This engraver has to be driven by a computer with an accounting system so that the mfgr. can guarantee that only 50 (or whatever size box you're going to produce) rounds will ever be produced with that unique number. The machine also has to make sure that the bullet feeder and the case feeder are in sync so that only like numbered components will end up in the assembled round. It just wouldent do to have the police retrieve a bullet with your number on it and the number of the schlub that bought a box after your's number on the brass. Now the rounds cant just pour out of the machine they have to come out in segregated 50 round lots unless you want microscope wielding tehcnicians sorting the rounds by hand. If one of the rounds doesnt pass QC the bullet press will have to be coaxed to spit out another round with the unique number and identify it for a person that can hand carry that round and catch it up with its 49 brothers. Now, those 50 rounds have to go into serialized box with some sort of tamper resistant feature, and, of course, the number on the box must match the number on the bullet. It just wouldent do for the state to have ammo registered to your name turn up at a shooting in LA because the box labeler got out of sync with the 50 round lots comming out of the bullet press. I suppose the best way to do it would be to have a person QC everything by cross checking the rounds with the box but its not likely they could/would check all 50 microscopic tags and they couldent check the numbers on the base of the bullets if they wanted to. If you dont see how this is completely contrary to the current mass production methods that currently exist and deliver ammo to us for $5/box you're not paying attention.
So, now your ammo is in the box. But now its just not like any other box of ammo; its unique. Its also a product that the mfgr is obliged to secure and track much like a gun maker tracks a frame. No more pallet in a warehouse. Inventory loss that's acceptible under the current scheme is no longer acceptible. "Off Paper" ammo would be as valuable a comodity to a criminal as an off-paper gun. Its time for secure storage, bonded transport, certified tracking, etc; all of it staffed by higher wage employees than are currently employed in warehousing and transport.
Now, Ammo shows up at your gun dealer, he's going to have to log it in, and secure it from theft, just like his guns. When you buy it he's going to have to collect your informaiton and log it in. He's going to have to maintain records, inspectible by the state, to verify his complaince. He's also criminally responsible for any errors he makes. Obviously for the additional hassle, time, and risk of imprisonment he will demand a larger profit.
Its really more appropriate to think of searilized ammo in the same sense that you think of a searalized gun frame. Of course given the expense, and criminal liability, it will behoove you to treat the ammo with your name on it just like you'd treat a gun; locked up in a safe and dont leave any cases behind at the range.
All of the above is vertually certian to happen. Now, to get into speculation.
I'd be REALLY suprised if it didnt cost 10 times as much for the ammo company to produce and deliver the product to a gun store. I'd expect the gun shop to want to collect 5 bucks a box for the record keeping and risk.
So..... if ammo off the shelf ends up costing $50/box (conservative I believe at only 10x the price of cheapy fmj 9mm) what do you think that will do to volume. Yeah, it will go down, way down. Now the expense associated with all those new machines, all the special storage, tracking, and the new procedures and personal gets spread over a much smaller volume of ammo and prices go up some more. I dont think $75/50 is an unreasonable number but of course that's just a wag.
After a while a ticket on southwest to reno will be cheeper than the ammo an officer will shoot on a training/qualificaiton day. Same for you; if you want to go out for a 300 or 400 round range day it will cheeper to fly to vegas and rent a car.
You might feel different but its MHO that the big ammo companies will just say screw it. Its a hassle and by the time the volume price situation stabalizes there wont be enough volume to make it worth it. I believe that what ammo gets produced in this state will be done by individuals in front of a Dillon press, a laser engraver, and a PC. I think that's the appropriate "economy of scale" for the product the law describes. It will probably be quite a nice little home busines. They will be very precious carry rounds that an individual will track very closley.
If that's not an ammo ban its pretty darn close.