Whether you want to look at the issue specified in the second amendment (essentially a defense against tyranny) or the intent behind it based on similar clauses in state constitutions at the time (defense against tyranny, personal defense, hunting) or the current belief (sporting purposes, hunting, personal defense), it all means that our rights shouldn't be infringed.
If you look at it literally, for defense against tyranny, that means that as patriots we should feel obligated to have as good of weaponry as our military. Yeah, maybe we won't have F-22s parked in our back yard or a yacht quite as big as an Admiral has, but we should still not be limitted because "that's for military only." That flies in the face of a literal interpretation of the second amendment.
A historical interpretation of the second amendment adds in hunting and personal defense. With few exceptions, choice of platform has little effect on whether the weapon is good for hunting. An AR with hunting bullets is just as good as a .223 bolt action with hunting bullets. The exceptions are fairly obvious - hunting with a grenade launcher, a belt-fed machine gun, or hunting small game with a safari rifle is probably not going to yield a cost-effective amount of meat. Regardless, the government shouldn't regulate what
they consider to be enough to protect
myself or my household, especially if police (who operate in trained, coordinated groups against the same criminals) have no restrictions. And again, I bring up the point that our weaponry should be as good as our military to prevent the military from taking over.
Going to what most laymen on the other side of the fence believe, well I've already covered hunting and personal defense. So what about sporting purposes? Well, "sniper rifles" have a sporting purpose in target shooting. "Assault weapons" have a sporting purpose in action shooting. I'm sure there are sports for about every type of firearm, so saying that a firearm has no "legitimate sporting purpose" is to declare those sports illegitimate. Should we say that contact sports are the same and ban football?
You know, it doesn't really matter how I read the second amendment. I keep coming back to the same conclusion: no matter what purpose you feel it covers, there is no legit reason to restrict it.
ETA: 0to60,
A well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed.
The militia is what fought off the Brits and granted us our Independence. This bill basically says that in order to be free, we need the ability to defend against a tyrannical government. It doesn't specifically say tyranny, but with a little bit of understanding in history, it's pretty obvious what they are talking about.